Flags representing Kenya and China[photo/venturesafrica.com]Competitors of China, especially the United States and the UK, always have nasty things to say about this Asian “super-power”.
Economically speaking, China is the most important country in the world today, providing both markets as well as goods and services across the globe.
China is the second largest economy in the world after the US. It has overtaken big-time nations like Japan and Germany. After transforming itself from a centrally-planned closed economy in the 1970s to a manufacturing and exporting hub over the years, growth has accelerated, achieving an average rate of 10 percent annually. The study “The long view: how will the global economic order change by 2050?”
Currently, there is a new scramble for Africa between China on the one side and US and Europe on the other. But given the restrictive politics proffered by the US and European governments, China’s liberal model offers more growth opportunities.
More than 10,000 companies from China are investing in Africa, most of them in Kenya, which has become a hub for Chinese products. The China-Africa-UK Investment Conference in Nairobi held in Kenya last week proved how China has taken over as Kenya’s leading trade partner.
Kenya Investment Authority CEO Moses Ikiara, speaking at the conference, said Kenya is, in fact, now the leading exporter to China globally in leather, textile and food products. Kenya should pursue more partnerships for investment and growth in agro-processing and light manufacturing sectors.