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Helping least developed countries grow better
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Least developed countries (LDCs) are benefitting from business deals with China, with the world鈥檚 second-largest economy becoming the biggest injector of foreign direct investment (FDI) in these countries.
Between 2010 and 2015, the stock of Chinese FDI in LDCs more than tripled to US$31 billion, making China by far the largest investor, said a 2017 United Nations report on the state of the LDCs.
As agriculture still employs the largest share of the population in most LDCs, China鈥檚 focus on agriculture investment will lay the groundwork for local farmers to acquire modern farming technologies and sell their products abroad.
Run Ta Ek, a pilot eco-village located about 20 km from the Angkor world heritage site in Cambodia鈥檚 northwestern Siem Reap Province, benefits from China鈥檚 agricultural investments.
Founded in 2004, the 1,012-hectare eco-village can accommodate around 850 families. The government offered 20 hectares of land in the village to Forword Company from southwest China鈥檚 Guangxi Zhuang Autonomous Region to implement a gardening and farming pilot project for the next 20 years.
The company built a small vegetable yard open for all villagers with the main purpose of showing and teaching agricultural techniques to local farmers.
鈥淭hey teach us, transfer to us their knowledge, and after we produce vegetables and food, they will buy them back,鈥 said Mey Marady, director of the Run Ta Ek eco-village development project.
Shared future
To help shape a better world for all, Chinese President Xi Jinping has proposed the notion of building 鈥渁 community of shared future,鈥 and the Belt and Road Initiative to materialize his vision.
Beijing holds that by building highways, railroads, bridges and ports, different parts of the world can be better connected, thus creating potential for stronger development. From the perspective of LDCs, Chinese investments 鈥 especially in infrastructure projects 鈥 are more than welcome.
Without convenient transportation, potable water, adequate power and reliable communication, the least developed countries cannot thrive.
With the recent launch of operation of Kenya鈥檚 Mombasa-Nairobi railway, China鈥檚 remarkable infrastructure capabilities are again being highlighted and promoting regional interconnectivity to pave the way for global economic growth.
The Chinese-built 472-km-long Standard Gauge Railway (SGR) linking Kenya鈥檚 capital Nairobi and East Africa鈥檚 biggest port city Mombasa comes as part of ambitious efforts to build a 2,700-km East Africa corridor connecting Kenya, Uganda, Rwanda, South Sudan and other East African countries. It was constructed at a cost of US$3.6 billion, co-financed through commercial and semi-concessional loans from China and input from the Kenyan government
The recent launch of the much anticipated SGR has also been a game-changer with the project ushering in a new era in the transport of goods and people from the coast to the hinterland and vice versa, said Stephen Ndegwa, a lecturer at MultiMedia University and public policy analyst in Kenya.
In Ethiopia, China has built and financed a 4.2-billion-dollar 756 km Ethiopia-Djibouti electrified rail line to boost Ethiopia鈥檚 industrial exports.
The electrified rail line, the first trans-boundary electrified rail line in Africa, is expected to start commercial operation in October.
Once the electrified rail line starts operation, it鈥檚 expected that average transportation time to reach Djibouti port from the Ethiopian hinterland will be cut from two days to 10 hours.
鈥淭he industrial parks lying on the path of the rail line will be a game changer for both countries and in general for the region, enhancing economic transformation and easing transportation of goods,鈥 said Ahmed Shide, Ethiopia鈥檚 minister of transport.
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