The fourth session of the China-Africa Economic and Trade Expo which kicked off yesterday, is scheduled to run until Saturday, May 11, at the Edge Hotel, South C, Nairobi, and is the first of its kind, held outside China.
Organized by the Ministry of Investments, Trade, and Industry through the Kenya Investment Authority in collaboration with the Ministry of Commerce of the People’s Republic of China (MOFCOM) and the People’s Government of Hunan Province and other stakeholders, CAETE is a follow-up action of eight major initiatives announced by China’s President Xi Jinping at the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). FOCAC was created to improve cooperation between China and African states and signalled China’s growing strategic initiative in Africa.
Rebecca Miano, the Cabinet Secretary for the Ministry of Investment, Trade, and Industry, presided over the Expo and posted on X that CAETE has successfully facilitated the signing of 336 business-to-business projects worth $53.32 million.
Additionally, 10 more agreements were signed during the event, further solidifying CAETE’s position as a key investment promotion platform within FOCAC.
“Now in its fourth edition, CAETE has facilitated the signing of 336 business-to-business projects worth $53.32 million, with 10 additional agreements signed today. This solidifies CAETE’s position as a key investment promotion platform within FOCAC,” the CS said.
“It’s noteworthy that Hunan Province will spearhead FOCAC on behalf of China. Kenya’s County Governments were represented by Hon. James Orengo, Governor of Siaya County at the event, ” she added.
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According to the latest Chinese Custom data, China’s total trade with Africa grew by 1.5% in 2023 from 2022 to $282.1 billion. Despite this growth, Africa’s trade deficit widened to $64 billion. China has been the largest export destination for Africa, with crude oil, metal ore and ore sand, and agricultural produce as the main export goods, according to the customs authorities. African countries mainly import ships and automobile, mechanical and electrical products which make up more than 50 % of bilateral trade volume.
CAETE is committed to building a new platform for implementing economic and trade initiatives under FOCAC, and a new window for China–Africa economic and trade cooperation at the sub-national level. Held every two years, the first three sessions held in June 2019, September 2021, and June 2023 yielded the signing of 336 projects with a total of $53.32 Billion.
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In the last 20 years, China has emerged as sub-Saharan Africa’s largest individual country trading partner with a fifth of the region’s total goods exports going to China. However, China needs to work closely with African Nations to develop fair bilateral agreements to reduce the trade deficit and favourable debt repayment policies. Kenya, for instance, owes China, over $6 billion in debts with speculations rife that China could seize Mombasa Port in the event of a Kenyan default.
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