Reports on China issued by Samsung Economic Research Institute
There are three phases in the China-Africa relations. In the first step was taken in the 1950s and was largely based on their political relationship. Trade surged during the second phase in the 1980s and 1990s. And the third phase was initated in the 2000s with the establishment of the Forum on China-Africa Cooperation and expansion of the volume and areas of cooperation.
The first characteristic of China-Africa relations is the surge in trade volume. China has been the largest trading partner of Africa since 2009 and the trade volume continues to rise. Second, cooperation in energy and mineral resources has expanded. China's share in Africa's oil and mineral exports has grown and participation in Africa's development projects has also increased under the auspices of the Chinese government. Third, China's private sector has become a more active investor in Africa.
Relations between China and Africa is expected to develop further due to President Xi Jinping's keen interest in the region and its high growth potential. Chinese companies should seek opportunities in Africa's pharmaceutical market and the relocation of certain industries should be considered.
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