Treasury CS Ukur Yatani has called for increased China-Africa trade and investment.
The Cabinet Secretary spoke at the ongoing Forum for Africa-China Co-operation (FOCAC) in Dakar, Senegal.
While making Kenya’s Ministerial Statement, Yatani noted that growing trade relations and attracting investments remains a key focus and overarching priority.
“Greater participation in global trade will grow our industrial and technological capacity, create jobs, and fast track the attainment of Africa’s Agenda 2063,” said Yatani.
The CS however noted that there is an urgent need to address the widening trade imbalances to facilitate a fairer share of the benefits of trade.
Data by Kenya National Bureau of Statistics (KNBS) shows Kenya’s total imports from China soared to $336.717 million in March this year alone, compared to $275.269 million a month earlier.
Kenya’s exports to China on the other hand stood at $139.01 million in the whole of 2020, according to figures by the United Nations COMTRADE database on international trade.
“In this regard, FOCAC partners must focus on ways to ameliorate the Africa-China trade imbalances, boost China-Africa trade and promote a win-win framework through increased exports from Africa, especially in Agricultural products.”
Foreign Direct investment remains key to achieving Industrialization and the increase in Chinese companies investing in Africa is a move in the right direction, as they are aware Africa is safe and open for business and investments.
Yatani, went further to thank China for their support to African countries in the face of the Covid-19 pandemic and especially towards the goal of vaccine self-sufficiency
Chinese State Councillor and Foreign Minister, Wang Yi, concluded by saying that the important achievement in China-Africa cooperation and FOCAC’s development in the past three years is the result of the joint efforts by all members to stand up to the challenges in the FOCAC spirit of extensive consultation, joint contribution, and shared benefits.
Senegalese Minister for Foreign Affairs & Senegalese Abroad Mme. Aissata Tall Sall, who hosted the meeting in Dakar, Senegal, reminded delegates present that the time has come to consolidate the advantages acquired to realize a prosperous partnership for the well-being of our populations.
