On Saturday, Libya took part in the Eighth China-Africa Business Conference, where leading African business figures gathered to strengthen trade and investment ties with China.
The event was part of the 2024 Forum on China-Africa Cooperation (FOCAC) and featured major announcements from Chinese President Xi Jinping. President Xi unveiled new initiatives aimed at deepening China’s partnership with Africa, pledging $50 billion in financing for African projects over the next three years.
In his opening remarks, President Xi emphasized China’s commitment to supporting Africa’s development. Of the $50 billion pledge, $29.6 billion will be allocated through credit lines, while $10 billion will be invested in new projects. This investment package aims to boost infrastructure, industrial collaboration, and green development across Africa, further solidifying China’s role as a key economic partner for the continent.
President Xi outlined several major initiatives that will shape China’s partnership with Africa in the coming years. He highlighted the establishment of a China-Africa Knowledge Network, which will foster educational exchange and innovation by creating 25 research centers across Africa. In addition, China will offer 100% tariff exemptions on imports from 33 African countries classified as least developed.
The investment also includes support for 30 infrastructure projects and the creation of 30 clean energy initiatives as part of a broader green development strategy. China also pledged to waive government loans for Africa’s least developed nations by the end of 2024, along with providing 60,000 training opportunities for African professionals, with a focus on empowering women and youth.
Libya’s participation in this high-profile event reflects its intent to build stronger economic ties with China and to benefit from the broader China-Africa partnership. Leading Libyan business figures were in attendance, including Mohammed Raied, President of the Libyan Union of Chambers of Commerce and Industry, Rashid Swain, President of the Libyan Businessmen’s Council, Naima Bou Abdullah, President of the Libyan-Chinese Chamber of Commerce, and Milad Al-Briki, Chairman of the Libyan-Chinese Business Council.
These representatives, along with other Libyan business leaders, engaged in discussions aimed at exploring opportunities for collaboration and investment in key sectors such as infrastructure, energy, and industrial development.
China’s growing influence in Africa is seen as a significant opportunity for Libya, which is seeking to diversify its economy and rebuild after years of political and economic instability. The potential for Chinese investment in Libya’s infrastructure, energy, and other key industries could play a crucial role in the country’s recovery. The FOCAC platform, established in 2000, has become the central pillar of China’s cooperation with Africa, facilitating major trade and development projects that have benefited countries across the continent.
Since the fall of Muammar Gaddafi in 2011, Libya has been in a state of political turmoil, with competing governments and armed factions vying for control. This instability has significantly hampered Libya’s ability to attract foreign investment.
However, participation in initiatives like FOCAC offers Libya a chance to leverage its strategic position and natural resources to foster economic growth and development. China’s continued investment in Africa’s infrastructure, energy, and green technology presents a unique opportunity for Libya to secure the resources needed to rebuild and strengthen its economy.
