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FOCAC: Infrastructure, trade drive China-Africa ties [Business Africa]

Ruth Lago, Africanews, Business Africa, November 2021.   -  
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Ruth Lago, Africanews, Business Africa, November 2021.

Business Africa

Chinese and African foreign ministers will meet in Dakar, Senegal next week for the triennial Forum on China-Africa Cooperation (FOCAC) gathering.The meeting comes amid biting economic and social challenges on the continent fueled by the pandemic and climate change.

China-Africa collaboration has made strong progress, with the trade value between the two sides amounting to $192 billion in 2019 compared to $185 billion in 2018. China has been known to use the forum to pledge financial and other assistance to the continent. At the last summit in Beijing, President Xi Jinping pledged $60 billion dollars in grants and loans.

But with concerns about debt and uncertainty brought about by Covid-19, some fear Beijing will cut lending.The meeting is expected to produce an agreement on cooperation on the pandemic and climate change.

Hannah Ryder is the CEO of Development Reimagined. She joins the show from Singapore to talk about issues that will drive China-Africa relations for the next three years.

South Africa

What can the cannabis industry bring to the South African economy? According to experts, the potential of the sector is estimated at 1.7 billion dollars.

In Sandton, South Africa, at least 100 companies operating in the cannabis industry touted the under-utilized potential of the product for the South African economy.

The entrepreneurs believe that the sector alone could employ between 10,000 and 25,000 people and that South Africa could become a hub for the global cannabis business, with billions of dollars to be earned.

Burundi drafts new development blueprint

Burundi wants to focus on transforming agriculture and the development of its infrastructure, as part of its new development plan.

This message was reiterated by economists at the first national forum on development in Bujumbura.