No amount of debt can develop Africa, but investment – Chakwera

The Malawi President Dr. Lazarus McCarthy Chakwera has observed that no amount of debt can help Africa to uplift itself from poverty.

Delivering his keynote address at the opening of the Third China-Africa Economic and Trade Cooperation (Caete) Forum underway in Changsha, China, Chakwera said what Africa needs is investment to bail the economy out of the challenges it is facing.

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“It is an honourable thing to bring Africa from the burdens of chronic debt and, instead, invest in the continent. It goes without saying that we are going to make an economic partnership between China and Africa result in exponential growth, then both sides of that partnership must reflect deep changes that must be made, in the way we have imagined our shared future,’ he said.

President Chakwera said the expo was a “defining moment for the global economy”, stressing that China and Africa are partners in common pursuit of prosperity.

He said China and Africa represent one third of the world population and its consumer market translate into one fifth of global GDP [gross domestic product].

“And this is why Africans have come here with dignity as traders and not as beggars but rather seeking their rightful place in the global economic partnerships that already exist,” he stated.

Chakwera said time has come for Africa to reject and do away with deals designed to impede and limit progress of the continent, adding that the growth must be seen and outrun external forces such as economic effects brought by climate change.

In his speech, People’s Republic of China Vice-President Han Zheng said his country has always considered solidarity and cooperation with African countries an essential element of its foreign policy.

He said China was ready to reinforce mutual support with African countries on issues involving core interests and major concerns for both parties.

“The Chinese side is ready to provide new opportunities for Africa through Chinese modernisation and China’s high-quality development. We aim to deepen practical cooperation between China and Africa, achieving even more fruitful outcomes. Together, we strive to build a closer China-Africa community with a shared future,” he narrated.

The expo is being held under the theme ‘Common development for a shared future”. The four-day event welcomes more ‘Made in Africa’ products into China and aims to boost business links between the two sides.

This year’s expo features 1 500 exhibitors, up 70 percent from the previous edition.

It has drawn representatives from 53 African countries and multiple international organisations.