The 21st Maritime Silk Road envisioned by Chinese leaders will not only foster Sino-Africa bilateral trade, but also fuel industrialization in the world's second largest continent, a Kenyan scholar said on Sunday.
Peter Kagwanja, the CEO of the Nairobi-based Pan African think-tank Africa Policy Institute, said China's Silk Road would herald prosperity and renewal in Sub-Saharan Africa.
The distinguished scholar noted in a commentary published by a local daily the Sunday Nation that the 21st century maritime Silk Road will spur socio-economic benefits in Africa.
"China's new African development strategy is part of the grand 'Silk Road Economic Belt' and the '21st century Maritime Silk Road' framework revealed by Chinese President Xi Jinping in 2013,"said Kagwanja.
The expert said the 21st Century Maritime Silk Road will revitalize trade in goods and services among countries sharing the Indian Ocean and Pacific Rim.
"Beijing is pushing this strategy to enable it to take a bigger role in global affairs and to export its production capacity in areas such as steel manufacturing with the potential of accelerating the industrialization of countries within the 'Silk Road' ambit," Kagwanja said.
Historically the Silk Road is an ancient network of trade and cultural transmission routes that were central to cultural interaction through regions of the Asian continent connecting the West and East by merchants from China to the Mediterranean Sea during various periods of time.
Kagwanja noted that China's Silk Road will be part of discussions at the upcoming Forum on China Africa Cooperation (FOCAC) to be held in South Africa on December 4 and 5.
China-funded infrastructure projects in Kenya that includes the Lamu port and the Standard Gauge Railway are a critical component of the 21st century maritime Silk Road.
Kagwanja said completion of the mega infrastructure projects will enhance Sino-Kenya trade ties.
"Kenya will firmly be part of the 21st century maritime silk road after the completion of Standard Gauge Railway and refurbishing of Lamu and Mombasa ports," said Kagwanja.
He said Beijing will play a critical role in realization of Africa's industrialization dream alongside the new UN sustainable development goals.
Kagwanja noted the FOCAC summit to be held next month will explore ways to deepen Sino-Africa industrial cooperation.
"Chinese economic role has been a game-changer in Africa's economic processes and in the last decades, the continent's economy has grown steadily at an estimated rate of 5.8 percent in 2012 and is projected to grow by 5 percent by 2016," Kagwanja said.
He added the high-level summit will offer an opportunity for China to reframe its bilateral ties with Africa in strategic areas like trade, industry, agriculture and infrastructure development.
"The coming FOCAC forum provides China with an opportune moment to take a paradigm shift and deepen its cooperation with African states," Kagwanja said.
The maritime Silk Road will facilitate Sino-Africa people-to-people interactions that are crucial to promote understanding and respect among people from different cultures.
Kagwanja stated the 21st century maritime Silk Road will revive ancient networks of trade and cultural transmission routes that linked China and the rest of the world.
He said China has not only become Africa's largest trading partner but is currently a leading source of soft loans to finance the continent's infrastructure projects.
Kagwanja noted that China's investments in Africa have fuelled the continent's current economic boom.
"Today, an estimated 800 Chinese corporations are doing business in Africa. These are mainly private companies investing in the continent's infrastructure, energy and banking sectors," said Kagwanja.
He stressed that Chinese technology and low-cost finance will be critical to help catalyze industrial growth in Africa.
