Chinese Investment in Africa: China's increased investment in Africa boosts continent's growth
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China is in the lead when it comes to investment and influence on the Africa continent. Those investment deals improve infrastructure, and create jobs in local communities. CGTN's Yang Zhao has the story.
After experiencing a year of political turmoil, people in Zimbabwe want peace and development. President Emmerson Mnangagwa has vowed to turn the country's economic fortunes around. Zimbabwe's relations with China are expected to strengthen even further.
SIMON KHAYA MOYO ENERGY MINISTER, ZIMBABWE "It is also important to know that China is the biggest investor, actually, in (Zimbabwe). There are a number of projects across the country, which is of great benefit to the entirety of our people."
The latest collaboration is a 600 megawatt extension of the Hwange Power Station. China reaffirmed its commitment to facilitate the one-and a-half billion-dollar upgrade. The power station will help satisfy the country's electricity demands.
According to Xinhua New Agency, China has invested in at least 39 mega-infrastructure projects in 21 sub-Sahara African countries.
China's own development experience, has taught it that infrastructure is the foundation for growth. China has invested a lot in construction and research at home, and now has the most extensive high-speed rail network in the world. Now China is bringing those technologies to Africa. Kenya just opened a 4 billion dollar Chinese built railway, that connects Mombasa and Nairobi. And Uganda's first toll road, Kampala-Entebbe Expressway, is expected to be finished this year. All of the projects strictly follow Chinese technological standards.
According to a report issued by the Global accounting firm Ernst and Young, China has invested in nearly 300 projects in Africa since 2005.
PROF. AHMADOU ALY MBAYE CHEIKH ANTA DIOP UNIVERSITY, SENEGAL "I think China can offer many things one is financing, two is infrastructure and China is here to build infrastructure and the like and I think this is also important."
Chinese funded projects have created jobs and training opportunities for local people. It's believed Chinese investment in Africa has created three times as many jobs as US investment on the continent.