By Abubakar AbduRahman Dodo
For the 1st times the ongoing China-Africa Economic and Trade Expo which is being held in Changsha, Central Chinas Hunan Province is seen as a barometer for economic and trade cooperation in a digital and scientific way.
May African countries about 53 of them participated, including Kano council of Traders and entrepreneurs (KASCOTE) from Kano State Nigeria.
Based on comparative analysis a reading of 100 recorded in 2000 reflecting that bilateral trade remains rapidly growing upward and most likely to attain greater heights, according to the index released by Chinas General Administration of Customs (GAC) on Thursday.
Hence, within the period under review the import and export value between china and Africa hit 1.88 million yuan ($263.2 billion) from less than 100 billion yuan, which recorded an cumulative 20 fold increase and an average annual growth rate of 17.7%. And the compilation of data and regular release of the index will objectively reflect he dynamics, development potential and other aspects of Chinas commodities trade with Africa; and play a positive role in promoting economic and trade exchanges between China and African countries, according to Liu Dallang, a GAC spokesperson.
Chairman of Kano Council of Traders and Entrepreneurs (KASCOTE) in an online chat with Hotpen reporter, he appreciate Nigerias president for doing the needful, as he collapse the parallel market in such a way that members of the business community will find it easy to source foreign exchange.
He also commends Kano state Administration under the able leadership of Alhaji Abba Kabir Yusif for doing all it takes to boost the morale of businessmen and women in the state. and we are ready to give valuable suggestion to our government as soon as we are back home, according to him.
When ask about the positive development related to what is happening at the 3rd Edition of China-Africa Economic and Trade Expo, he answered in the affirmative that: “I am optimistic that the bilateral relationship between China and African countries, especially Nigeria will definitely attract foreign investment to our nations. And certainly the Chinese Government will continue to strengthen its economic ties with Nigeria and all other African nations, owing to which both present and future generation will reap a lot of benefit in terms of Foreign Direct Investment (FDI); and job creation that is tailored toward boosting self reliance and self employment among our teeming youth.”
What is often stipulated by Tahir is also expounded by a chinese notable scholar in the person of Professor Song Wei at the School of international Relations and Diplomacy at Beijing Foreign Studies University, who told the Global Times that the index makes 2000 a base year as the two sides trade experienced rapid development since the forum for ChinaAfrica Cooperation was established in Beijing that year, with significantly higher trade scale and quality.
Thus, the Chinese and African Economies are highly complementary and their economic and trade cooperation has achieved notable outcomes over recent years in cargo and services trade, direct investment and infrastructure, according to Song.
Also, what is noteworthy the number of smaller enterprises participating in the two sides trade increased more than 10 fold to more than 100,000 currently.
However, based on the comparative analysis and the index released, Kano Council of Traders and Entrepreneurs who have special preference in patronizing Chinese products deem it fit to fully participate in the 3rd Edition of the expo.
Indeed this is how both Chinese and African economies are complementing each other as noted by Professor Son Wei.