Business
MR Wang Yingqi, a top ranking Chinese official on Monday said advanced productivity would enhance high quality growth and strengthen bilateral relations between China and Nigeria.
Wang who is the Minister and Counselor for Economic and Commercial Affairs, Chinese Embassy in Nigeria said this at a seminar in Abuja with the theme, “Enhancing China-Africa cooperation in New Quality Productive Forces to Realise High Quality Growth”.
The seminar was jointly organised by China Media Group (CGM) and the University of Abuja.
Wang highlighted the importance of promoting high quality growth through economic and trade cooperation in the new era by fostering the New Quality Productive Force.
According to him, China hopes to develop traditional industries and make them more advanced, intelligent, and environmentally friendly.
“With innovation playing the leading role, New Quality Productive Forces mean advanced productivity that is freed from traditional economic growth mode and productivity development paths, features high-tech, high efficiency and high quality.
“The Propellers of New Quality Productive Forces are revolutionary technological breakthroughs, innovative allocation of production factors, and deep industrial transformation and upgrading,”he said.
The counselor noted that Nigeria is in the leading position among African countries in terms of economic, investment, and trade cooperation with China.
“Last year, bilateral trade reached 22.56 billion U.S dollars. China’s import from Nigeria reached $2.386 billion, an increase of 49.3 per cent compared to that of the year 2022.
“Investment from China reached $363 million.
“In Abuja, experts from Nigeria, Germany, and China will work together in the Agriculture Model Centre to improve rice farming,” Wang said.
In a remark during the seminar, Prof. Abdul-Rasheed Na’Allah the Vice-Chancellor of the University of Abuja said the New Quality Productive Forces to achieve high-quality growth strategy represented a key initiative that would be of immense benefit to Nigeria and Africa.
“With this strategy, China is reiterating its commitment to stand for quality and Nigeria can benefit from this by standing on the same ground and mobilising ourselves toward quality productivity.
“The university is very proud to be part of this initiative because the land where the school is situated has a lot of mineral resources.
“We have applied to the Federal Government of Nigeria working with the Nigerian Chambers of Commerce, to declare for us a free trade zone on our campus because we are getting ready to lead the country towards development which is part of the responsibility of every University,” the Chancellor said.
Furthermore, Mr He Beiping, a representative from CGM noted that over the years of development, many problems have been exposed as time passed, such as environmental pollution, excessive energy consumption in some industries among others.
Therefore, President Xi Jinping has proposed the ambitious goal of achieving high-quality development.
“We are determined to make innovation the driving force for development,” he said.
Mr HE also noted that regarding the New Quality Productive Forces, China is now conducting research and development on some cutting-edge scientific and technological projects.
“Scholars and students from African countries have every opportunity to participate in these research projects, such as artificial intelligence, blockchain, and commercial aerospace, and both parties can explore them together.
“We believe that China’s high-quality development stage and new productive forces will inevitably bring new opportunities and space for China-Africa cooperation, which is worthy of joint study and exploration by us here,” he said.
Mr Mohammed Bala, the Director of Industrial Development, Federal Ministry of Industry, Trade, and Investment, represented by Mr Ali Adamu, expressed appreciation to China for organising the seminar which has established a platform to promote trade and investment.
He also added that the Ministry has since taken advantage of an industrial plan known as Nigeria’s Industrial Revolution Plan (NIRP), a comprehensive blueprint aimed at catalyzing industrialization, diversifying the economy, and fostering sustainable growth.
“It embodies Nigeria’s commitment to harnessing its vast potential and creating an enabling environment for businesses to thrive.
“Nigeria, endowed with abundant natural resources and a young, dynamic population, stands poised to capitalize on its comparative advantages.
“However, to unlock the full potential of these resources, we must leverage on our strategic partnership with China, to enhance our productive forces.
“By tapping into China’s expertise on advanced manufacturing, technology transfer, and process optimisation, Nigeria can accelerate the pace of industrialization and leapfrog into higher value-added production,”He said.
Bala also noted that the alignment of China-Africa cooperation with NIRP presents a historic opportunity to accelerate our journey towards sustainable development and shared prosperity.(NAN)
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-March 19, 2024 @ 12:15 GMT|
Tags: Mr Wang Yingqi Prof. Abdul-Rasheed Na’Allah
