Some of the world’s renowned companies, such as the law firm Baker McKenzie and global real estate giant Knight Frank, have called the initiative a silver bullet for Africa, detailing opportunities presented by the Belt and Road to the continent.
Interestingly, China has developed a tradition over the years where Chinese foreign ministers have always chosen Africa as their first overseas trip in the New Year. This tradition has been observed for the last 20 years. Yet 2018 is no different.
The Far East giant is itself an example to emulate given its remarkable progress in combating crime and its development of a sophisticated crime prevention mechanism over the years.
Undeniably, Africa is home to thousands of overseas companies, a large number of them being Chinese. Statistics show that these companies are growing faster than their peers elsewhere. Their balance sheets also point to huge profits.
The Chinese government has reiterated its commitment to the environment and wildlife conservation by increasing funding to the sector in Africa to 20 million US dollars.
If the Xiamen declaration is anything to go by, then BRICS Plus presents enormous opportunities for stronger and more sustainable economies in Africa.
A recent World Bank report noted that Chinese businesses in Kenya employed on average 360 local workers, more than the average of 147 by other foreign companies in the East African country.