Deals down, but Hunan’s China-Africa trade expo reaps US$10 billion

The central Chinese province is a test field for Xi Jinping’s ‘green lanes’ pledge to boost agricultural imports from Africa

120 agreements signed at 4-day event in Changsha, but values were reduced from previous expos

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The biennial China-Africa Economic and Trade Expo in Changsha, provincial capital of Hunan in central China. Photo: Xinhua

Published: 2:53pm, 3 Jul 2023Updated: 4:22pm, 3 Jul 2023

A total of 120 deals worth US$10.3 billion were signed during the third China-Africa Economic and Trade Expo in Changsha, capital of the central Chinese province of Hunan – significantly lower than previous events.

Some 99 cooperation projects valued at US$8.7 billion were unveiled at the four-day event that ended on Sunday, Chinese officials said. Of these, 74 were matchmaking initiatives launched by 11 African countries.

According to the Hunan provincial government, 15 economic and trade cooperation agreements and projects worth US$3.48 billion were signed on the spot at the Deep Cooperation Pioneer Zone Project Negotiation Conference, an expo side event.

Among them was an agreement to develop the China-Africa cashew nut industry which could yield more than US$200 million in revenue in the next three to five years.

Under the terms of the deal, Hunan, Cereals, Oils and Foodstuffs Import and Export Group will import shelled cashews and other raw nut materials from Africa for processing, using its existing production capacity as well as the sales channels of its subsidiary Xiangfei International.

The company will also build supply chain infrastructure, including warehouses in Africa and strive to achieve revenue of more than 2 billion yuan (US$275 million) over three to five years.