As the next session of the Forum on China-Africa Cooperation (FOCAC) approaches, which will be held from September 4 to 6 in Beijing, Ivorian banking sector players are welcoming the dynamism of the Chinese economy, seeing the Belt and Road Initiative as an opportunity to strengthen trade and improve infrastructure, which will directly benefit African countries.
According to data from China’s General Administration of Customs (GAC), trade between China and Africa reached a record level of $282.1 billion in 2023, up 1.5% year-on-year, showing strong resilience.
“This increase in trade is significant for Africa, as it reflects China’s desire to strengthen its trade relations with the continent,” said Désiré Kouamé, an executive at the National Investment Bank of Côte d’Ivoire (BNI). ).
For Côte d’Ivoire, this could translate into a potential opportunity to export agricultural products and other resources to China, given that the West African country is a major producer of cocoa, coffee and other agricultural products.
“This would also encourage Chinese investment in the country and promote local economic development and job creation,” he added. According to Massetou Traoré, Managing Director of NSIA Banque Côte d’Ivoire, the policies implemented by China are showing a substantial increase in African exports to the Asian country, by facilitating access to the Chinese market for various products and the diversification of export markets.
For Africa and Côte d’Ivoire, the Chinese policy represents a strategic opportunity to boost exports, foster and diversify markets. “This can promote economic growth and development, while improving economic and trade relations between China and Africa,” reported Ms. Traoré.
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