The World Economic Forum on Africa opened earlier this week, and deep concerns about Africa’s growth and development came to the fore. African nations needed to present a unified front for the developed markets to deal with, instead of the existing market barriers. Africa has been adversely affected by the protectionist stand taken by rich countries, even though it has had rich, mineral resources, a young enthusiastic population and the urge to surge ahead. But its indebtedness was a major impediment to its progress. These were some of the facts highlighted by South African President Jacob Zuma at the opening of the World Economic Forum on Africa being held at Cape Town.

The WEF has numerous issues on its agenda and one of the topics of discussion is the trade relationship with China, which crossed the $106 billion mark last year. While many perceive China’s helping hand as one of grabbing and exploiting Africa’s mineral wealth to secure its own resource channels, there is no denying the development that has taken place in Africa due to China’s funding and expertise. China’s involvement in the financial sector in Africa will also be discussed, and one of the key dignitaries is the President of the Industrial and Commercial Bank of China, Jiang Jianqing.

Other issues to be discussed at the Forum will include agriculture, foreign investment in Africa, and Zimbabwe’s economic recovery. The impact of the worldwide financial crisis on African economies is also being pondered over. It has led to a slower rate of growth in Africa despite all efforts by china to pitch in where the western countries had backed off.

Africa sees in China, a supporter to turn to for aid, advice and assistance, not to mention technical expertise for all its developmental projects. China in turn, has reiterated its commitment time and again to Africa’s growth and development. If nothing else, there is a complete give-and-take relationship between the two sides. The further progress of China is dependent on Africa’s supply of minerals and oil and the development of Africa is linked to China’s funding and investment more than any other country.

Source : China Africa

Tags: Africa, China, economic crisis, World Economic Forum