News from Islands
Angola, Mozambique and Cape Verde benefit from China’s Special Economic Zones in Africa
Macau, China, 23 Aug – China’s Special Economic Zones programme in Africa is “gaining momentum” and will contribute to the continent’s development, particularly in countries such as Angola, Mozambique and Cape Verde, states the university researcher Loro Horta.
Cape Verde has been seeking to attract Chinese investment. Although not chosen for an SEZ, Beijing has shown “great interest” in the island country and is likely to promote the creation of industrial parks and develop port infrastructures.
“A more robust Chinese presence in Cape Verde would help consolidate China’s economic strategy in West Africa,” he adds.
Cape Verde is seen as being an African success story, as it is well governed and strategically located, besides benefiting from preferential access to the European market.
The country thus has the conditions to become a major transport and distribution hub for the north and south Atlantic, playing a vital role in supporting the Chinese merchant marine, Horta affirms.
Sao Vicente Island in particular may be used for ship repair and fish processing.
Its “relatively credible” banking system and modern telecommunications infrastructures mean that Cape Verde can serve as a hub for Chinese economic operations in the region. Indeed, the Bank of China has announced plans to open a branch in the islands by the end of this year.
Horta stresses that by betting on Africa’s future, China is running many more risks than any other power.
“China is willing to invest vast amounts of money, which is so desperately needed by Africa. If managed wisely by African leaders, China’s grand plans for Africa can bring great benefits for all sides,” he states.
Loro Horta is a graduate of the People’s Liberation Army National Defence University (China) and lived for many years in Mozambique. He currently collaborates with various research centres around the globe.
Source: macauhub
