Kinshasa, 03 September 2024 (ACP) – Economic relations between the People’s Republic of China and the Democratic Republic of Congo have taken on a new dimension over the years, with significant growth in Chinese exports to the DRC. According to figures presented at the DRC-China Economic Forum in Beijing, China’s exports to the DRC recorded a remarkable increase of 36.7% on average annually between 2017 and 2022.
These data highlight the growing importance of China as the DRC’s leading trading partner, absorbing almost half of its total exports. This positive trend was highlighted by Julien Paluku Kahongya, Minister of Foreign Trade, during his opening speech at the forum. He highlighted the fact that Chinese exports to the DRC reached USD 5 billion in 2022, compared to USD 1.06 billion in 2017.
However, despite this strong growth in trade, the Minister stressed the need for the DRC to diversify its exports to China, particularly with regard to non-mining products such as agricultural products. This desire for diversification is part of the vision of President Tshisekedi, who promotes the development of the country’s natural resources and aspires to inclusive and sustainable economic development.
The Democratic Republic of Congo holds a strategic position in the global cobalt market, with between 60 and 70% of the world’s reserves of this essential mineral for the electric battery and smartphone industries. China, as the main importer of Congolese cobalt, plays a key role in mining in the DRC and actively participates in numerous infrastructure projects in the country.
Cooperation between the DRC and China has strengthened in recent years, with the signing of memoranda of understanding aimed at formalizing and further structuring economic exchanges between the two countries. These agreements cover areas such as investment and exploitation of natural resources, information cooperation, development of the digital economy and promotion of green growth.
The DRC-China Economic Forum represents an essential platform to strengthen bilateral cooperation and stimulate Chinese investment in the DRC. It also offers an opportunity for businesses and decision-makers from both countries to engage in dialogue and collaboration to promote mutually beneficial economic development.
In conclusion, the growing economic relations between the DRC and China underscore the importance of diversifying Congolese exports and promoting strategic and sustainable cooperation between the two countries.This promising partnership opens up new perspectives for inclusive and balanced economic development, while respecting mutual interests and national sovereignty.