The 136th session of the China Import and Export Fair, widely known as the Canton Fair, is set to begin on Tuesday. More than just a trade exhibition, the Canton Fair has become a pivotal engine for global supply chains, fostering economic development across Africa.
In recent years, global supply chains have faced unprecedented challenges, from the COVID-19 pandemic to geopolitical disruptions. Despite these hurdles, the Canton Fair has maintained its role as a resilient and stable force in global trade. With over 30,000 exhibitors connecting with buyers from more than 200 countries and regions, the fair showcases the best of China's manufacturing capabilities.
This extensive global reach is crucial for stabilizing supply chains. African businesses have benefited significantly, gaining access to essential industrial machinery and electronics through partnerships formed at the fair. For instance, in 2022, the Kenyan construction company AfriGreen secured a $3 million deal to import machinery from a Chinese supplier, reducing their project completion times by nearly 30 percent.
The Canton Fair's move towards digitization, initiated in 2020, has further expanded its impact. The 134th session saw over 450,000 overseas buyers participate online, allowing even small African businesses to engage without the high costs of international travel. This digital accessibility is particularly beneficial for smaller enterprises in Africa, enabling them to compete in global markets.
Beyond trade, the Canton Fair has strengthened China's diplomatic relationships worldwide. Aligned with the Belt and Road Initiative, the fair has been instrumental in deepening economic ties with partner countries. In 2023, China-Africa trade reached a record high of $282.1 billion, a growth largely supported by the Canton Fair.
Countries like Ethiopia have seen substantial benefits from this expanding trade relationship. In 2019, Ethiopia signed a $300 million deal with Chinese companies to build industrial parks and modernize its textile industry, negotiations that took place at previous Canton Fair events. These industrial parks have created thousands of jobs and diversified Ethiopia's economy beyond agriculture.
Diplomatic ties have also been reinforced through initiatives like the Forum on China-Africa Cooperation, often held alongside major Canton Fair events. This dual approach of combining diplomacy with trade has built long-term, mutually beneficial partnerships between China and African nations, fostering sustained economic growth.
Reference(s):
Canton Fair is a supply chain beacon and catalyst for Africa's growth
cgtn.com
