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Thursday, June 29, 2017

Chinese involvement in Africa bigger than anticipated

A latest study on Africa-China economic partnership has thrown up a set of challenges of the general beliefs, reports ITRealms.

The new study released by McKinsey Africa finds that its involvement is bigger and more multifaceted than previous studies suggest.

ITRealms reports that though China is Africa’s largest economic partner, it has been a challenge to understand the full extent of the partnership due to a dearth of data.

According to the study conducted across eight countries, together made up about two-thirds of Sub-Saharan Africa’s Gross Domestic Product (GDP), stressing that there are already over 10,000 Chinese firms operating in Africa; four times the previous estimate.

“About 90 per cent of these are private firms, of all sizes and operating in diverse sectors, with about a third in manufacturing. These firms are bringing capital investment, 
management know-how and entrepreneurial energy to the continent, and in so doing, are helping to accelerate the progress of Africa’s economies,” part of the summary stated.

Ayo Midele/GEE
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