|Why China Is Investing Massively In Africa|
An international relations expert, Charles Kolawole has given reasons why the second biggest economy in the world, China is massively investing in Africa saying the role of China goes beyond trade and investment to offering alternative socio political models for development.
In a presentation at the university of Ilorin Post graduate departmental seminar, Kolawole explained that Sino African relationship has blossomed through trade with about $120 billion dollars’ worth of trade flowing between Africa and China in 2014 alone and also generating US $ 17 billion trade deficit with Africa.
On the one hand, whereas China seeks resources to power its growing and expansive industrial base, it is also looking to establish a market for its products and services, while Africa is endeavoring to generate income to finance its poverty alleviation efforts, promote domestic consumption and support industrialization to underpin economic development.
According to him, “ Strengthening international industrial cooperation serves the needs of developing countries. Many developing countries in Africa and Latin America are in the early stages of economic take off or industrialisation and urgently need large amount of external capital, equipment and technologies.
Compared with other countries, China enjoys unique advantage and production capacity, such as advanced and operable equipment, mature and reliable technologies and cost effectiveness.
“In addition China has abundant capital and foreign reserves and will make overseas investment of over US$650 billion in the next five years which will provide strong financial support for China’s industrial global effort. Given these factors many developing countries are looking to have cooperation with China in production capacity and there is considerable space and opportunity for such cooperation,” he added.
Kolawole said the underlying context of the no-string-attached policy in crafting relationship with China is a moral booster that clearly deviated from the western model which often leaves African leaders with no room to bargain.
Looking at the geo political balance, kolawole posits that the second range of objectives for the growing relationship between Africa and China is derived in its historical connections focused on giving a voice to the southern hemisphere and rewriting the current global order through eroding the institutions and axioms that buttress the status quo.
Though, this relation may still need to test its rigour, Kolawole says Sino African relationship has begun to challenge the notion promoted by the west that global stability can be achieved through the creation of normative consensus across states on matters of domestic policy. For him, Mao Tse tungs call to “let a hundred flowers blossom and a hundred schools of thought to contend” is finding traction in China’s approach to Africa.