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China’s engagement with Africa, a win-win situation – IMF
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China’s engagement with Africa, a win-win situation – IMF

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The International Monetary Fund says China’s engagement with Africa has created a win-win situation for both parties.

Abebe Aemro Selassie, director of the African Department at the IMF, believes that the Beijing Summit of the Forum on China-Africa Cooperation demonstrated the progress made since the first FOCAC ministerial conference took place in the Chinese capital in 2000.

Selassie elaborated on the deepening of the China-Africa ties and friendship and believes that the cooperation will go from strength to strength.

Abebe Aemro Selassie, Director, African Department, International Monetary Fund:

“I think the forum really is confirmation of China-Africa engagements which have been deepening over the past 18 or so years. Over these 18 years, since around 2000, we have seen China emerging as by far the most dominant bilateral trading partner for most sub-Saharan countries. China has also been a very important source of ideas, development practices for African countries. So that is something which is not emphasized enough.”

“There is a tendency to view China’s engagement with Africa through a narrow prism. But I always view China’s engagement with Africa as a multi-dimensional engagement and one that has indeed been a win-win for both regions. By the sub-Saharan ideas that can be gotten from China, the engagement so far has been a really one which has been very positive for Africa, one from which Africa has been benefited as has China. Africa has been, I think, an importance source of important commodities for China and an important market for Chinese companies. So, going forward, I think with the re-calibration that I noted, I think I see this continuing to be a win-win engagement.”

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