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China-Africa trade volume soars by 35%!
2023-05-19 in Economy   reading quantity:

China's investment in Africa remains stable, with high-quality projects emerging

Recently, a number of high-quality investment flagship projects have emerged in China's investment in Africa, which has become a strong driving force for the improvement and upgrading of China-Africa pragmatic cooperation.

On February 1st, local time, with the announcement of the final investment decision by the Ugandan government, the first commercial oil discovery in Uganda, with a Chinese company as one of the operators, officially launched the full-scale construction of the Albert Lake Oilfield Project. This project is an important achievement of deepening China-Africa cooperation.

The Albert Lake Oilfield Project was discovered in the Albert Lake area of ​​western Uganda in 2006. It is the first commercial oil discovery in Uganda. The oilfield covers an area of ​​1,518 square kilometers and has proven geological reserves of over 6 billion barrels. The prelude to oil and gas exploration and development in East Africa. The oilfield project will also build the first oil pipeline in East Africa spanning Uganda and Tanzania with a total length of 1,443 kilometers, providing an important guarantee for the export of crude oil.

With the construction and commissioning of the Albert Lake Oilfield, Uganda, which takes traditional agriculture and animal husbandry as its main economic source, will usher in new development opportunities and become an important crude oil producer in East Africa.

The construction of industrial parks is an important platform for China's investment in Africa, which is welcomed by African countries. For Africa, the construction of industrial parks can not only solve a large number of jobs, but also improve the level of local industrialization. Many African countries such as Ethiopia and Uganda have formulated industrial park development plans and issued corresponding regulations and policies.