Business
2018.08.30 17:24 GMT+8

Decoding Africa's Economy: Timber industry brings new opportunity to Central Africa

By CGTN's Zeng Chen

The rainforest in the Congo Basin is the second largest in the world after the Amazon Jungle. The Democratic Republic of Congo (DRC), with the largest portion of the Congo forest in central Africa, reaps sizeable returns from its abundant natural resources.

As home to the "lungs of the world," the timber industry in DRC has provided a source of livelihood for many ordinary Congolese struggling to get jobs in the formal sector. Anatoli Mobuma, a timber dealer in DRC's capital city Kinshasa for seven years, said that this work has enabled him to support his family and he loved it. 

However, the timber industry has for long been grappling with illegal logging. The lack of transparency in the sector has also left small-scale traders with the short end of the stick. 

In the DRC, all forest land is owned by the state.  A World Bank report estimates that taxes from logging brought in between 60 to 360 million US dollars annually. 

The government is now taking steps to regulate the industry. In order to restore more state control over an industry undermined by corruption, a forest code has been introduced and small-scale operators hope the new regulations will also help tilt the balance in their favor. 

With a large portion of the land area covered in forest, it is assumed that forest resources are capable of providing the DRC, as well as some other Central African countries, with fresh opportunities for gains in the economy and society. 

Chris Ocamringa contributed to the story

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