Chinese spark helps light up continent

While 2015 was a difficult year for Africa, with commodity prices still depressed, China's increased trade with and investment in Africa can be credited for a recent quickening of the continent's economic growth, according to Richard Attias, a Moroccan businessman who initiated the New York Forum Africa, which meets annually.

"China is the biggest trading partner in Africa and covers everything from infrastructure to real estate to financial services. The Export-Import Bank of China, for example, provides African governments with financing to help develop their economies at low interest rates," Attias says. "The ongoing relationship between the two is leading to a new chapter in foreign investments."

Attias says the relationship will help bolster economic development and create job opportunities for youth.

"Training the African workforce is building a strong legacy in the continent. Chinese firms are aggressively participating in governments' overall strategy of inclusive growth," he says, noting that Chinese firms have built training institutions in countries such as the Democratic Republic of Congo, Gabon, Ethiopia, Zambia and Angola.

China's initiatives to build and improve infrastructure like roads, railways and telecom systems have freed up African domestic resources for other needs, such as healthcare and education, and have aided everyone doing business on the continent. "It is definitely opening new markets for Chinese firms."

While Chinese investments in Africa have been on the upswing, Attias says that there are misconceptions and criticism about China's involvement. "The continent is a new frontier with myriad challenges as well as needs, and thus offers opportunities to able and willing partners," he says.

Through creation of the New York Forum Africa, Attias says he hopes to encourage partnerships that bring together competing interests for the benefit of Africa.

The African forum is an offshoot of the New York Forum, which brings together leaders and journalists from around the world to discuss economic issues. This year's Africa forum is to be held in New York in September, when over 150 world leaders are to attend the Sustainable Development Summit at the United Nations headquarters to formally adopt a new sustainable development agenda.

"We want to use the opportunity to develop the next chapter of the forum before taking it back to Africa in 2017," Attias says. "In the last four forums, we have put a lot of emphasis on diversification, that Africa should invest in beneficiation of its minerals and specialization to enable it latch onto global value chains. But the uptake of these proposals has been slow, and we want this year's forum to be for restrategizing."

Despite checkered results, he is buoyed by the tangible benefits recorded by some countries. "Cote d'Ivoire has created more than 1 million jobs from investing in agriculture. They are reducing the volume of raw cocoa beans exported and instead increasing exportation of cocoa byproducts. Rwanda on the other hand is emerging as a technology hub due to its increased investment in this sector and has launched incubating centers like Kenya," Attias says.

There also has been progress in the youth agenda, in particular with social and educational programs, including culture and the arts. In October, the Berklee College of Music in Boston agreed to construct a pan-African music school in Libreville, capital of Gabon.

Annual forums held in Libreville under the auspices of Gabon President Ali Bongo Ondimba have seen increased participation by Chinese investors. Attias says China continues to be an accelerator of Africa's structural transformation. Its experiences and successes can also be emulated by Africa.

His communications and events company, Richard Attias and Associates, recently formed an advisory board composed of prominent international members, he says. The board formation is ongoing, and Attias is seeking young, talented Africans and transformative Chinese business leaders to take a part.

"We need great minds to help Africa make the leap to a successful future," he says.

(China Daily Africa Weekly 05/13/2016 page15)