19.2 C
Lusaka
Wednesday, October 16, 2024
spot_img
HomeNews2024 Beijing Summit fosters Africa business

2024 Beijing Summit fosters Africa business

The just-ended 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) was a landmark gathering that attracted heads of state and government officials from across Africa and China to come together as equal partners.

Like many other African countries, business in Zambia will greatly benefit from the resolutions of the summit, coming when many economies on the continent are underperforming because of climate change, COVID-19 and a cocktail of other problems.

Leaders from both regions discussed areas of collaboration, including
infrastructure development, trade, investment and technological innovation, to strengthen the bonds between China and Africa and propel both regions into a future of shared success.

In Beijing, Zambian President Hakainde Hichilema also participated in several bilateral meetings with Chinese companies and met with officials from the China Non-Ferrous Mining Corporation (CNMC) and the China Railway Construction Corporation (CRCC), where both companies reaffirmed their commitment to expanding investments in Zambia.

The mining corporation promised to expedite the operationalization of the 28 Shaft in Luanshya by installing additional pumps to speed up water removal from the mine.

One of the key moments of the visit was the signing of a Memorandum of Understanding (MoU) between China Railway Construction Limited and Zambia and Tanzania for the revitalization of the Tanzania-Zambia Railway Authority (TAZARA).

This move aimed to enhance regional trade and business. Additionally, President Hichilema and Kenyan President William Ruto met to discuss shared challenges, particularly those related to climate change, and explored strategies for building resilience across Africa.

BOOST

Zambia’s energy sector received a significant boost during the visit with the signing of three agreements between ZESCO and Power China, targeting the diversification of the country’s energy sources. The agreements also include plans for rooftop solar projects and solar photovoltaic plants at Kariba North and Kafue Gorge Lower. Another MoU was signed between ZESCO and China Datang Corporation, one of China’s largest energy suppliers, to diversify Zambia’s energy mix away from hydroelectricity.

China stood ready to use its experience and help Zambia unlock its development potential, said Chinese Ambassador to Zambia Han Jing at a press briefing held Wednesday in the Zambian capital of Lusaka on the outcomes of the just-ended Summit of the Forum on China-Africa Cooperation (FOCAC) held in Beijing.
“China stands ready to share its own development experience and opportunities with Zambia, a country rich in natural resources and human capital, to unlock Zambia’s great potential for socioeconomic transformation with increased productivity, higher value addition, stronger resilience, and a higher degree of adaptability to a digital world,” said Han.

EXPERIENCES

China’s demography and experience of development in many ways mirrored those of Zambia, stressing that China was ready to offer its experiences in various areas such as infrastructure construction, green energy, agricultural modernization, and industrial expansion.

The Chinese ambassador said China was encouraging more Chinese businesses to engage Zambian partners in solar energy and water management to help the southern African nation tackle the current electricity crisis. According to him, China was working with the Zambian authorities to make strategic plans for multiple means of power generation, storage, and distribution to help Zambia end the current power cuts.

Han noted that once materialized, the strategic plans would not only help alleviate frequent power cuts but also turn Zambia into a net exporter of electricity. The cooperation documents signed aimed at diversifying Zambia’s energy mix will generate an additional 720 megawatts of electricity once completed. He further went on to say the revitalization of the Tanzania-Zambia Railway will be a key project in promoting regional connectivity in the southern African region, as it would not stop at being just a symbol of traditional friendship but be turned into a dynamic economic corridor.

The summit opened a new chapter of Sino-Africa relations through comprehensive political and socioeconomic engagement with great significance and far-reaching impact for the next three years. Han observed that the contracts and agreements signed at the FOCAC summit would not just end at signing ceremonies. Both sides would amplify synergy in their collective push for inclusive and sustainable development. The Chinese ambassador noted that the elevation of Sino-Africa relations to an all-weather China-Africa community with a shared future for the new era demonstrated the firm resolve to share weal and woe and march forward.

DIPLOMATIC

On the diplomatic front, President Hichilema held a crucial meeting with Chinese President Xi Jinping, where the two leaders discussed increasing economic activity between their countries, with President Hichilema expressing gratitude for China’s support in various sectors, including energy, infrastructure, and mining.

The discussions also highlighted China’s role in global peace and security, which the Zambian leader emphasized as essential for advancing economic development.

President Hichilema’s visit also included a meeting with Liu Jiachao, the Chinese Minister of International Department, where they discussed China’s 10-point partnership plan with Africa and China’s continued support for Zambia’s infrastructure development and debt restructuring under the G20 framework.

To quote a Chinese proverb, ‘A journey of a thousand miles begins with a single step.’

 

RELATED ARTICLES

Most Popular