In order to promote the development of economic trade and manufacturing in West Africa; cooperation between West Africa and enterprises from all over the world is stimulated to allow other countries to explore potential market in West Africa by introducing capital, products, technology and talents, which reduce the loss of foreign exchange in West Africa. The diplomatic relationship between the specified enterprises of various countries and the West African government forms a bridge of economic and trade exchanges, which further promotes the advancement for both parties.
Discover the Potential of Development
Due to the rapid advancement of Africa in recent years, more people have gradually realized the economic opportunities in Africa. From the perspective of production structure, the African economy is still relatively “primary”. Africa's GDP can be based as such: agriculture accounts 40%, exporting accounts 40% and employment opportunities takes 70% to 80%. The main market Africa aims to penetrate is industrialization, thou the generated value is considerably still at a low level. At present, manufacturing accounts for about 10% of Africa’s GDP whilst at only 1% globally. According to the estimation by international economic institutions, the manufacturing industry employment takes about 7% for the country. In the past 30 years before 2008, thou this indicator has not changed much, the economic situation has improved in the past decade.
Looking at trade structure, Africa is still at the lower end of the global industrial chain. According to the World Bank statistics, primary products still account for about 3/4 of total African exports.
Looking at foreign investment attraction, thou Africa has gained more foreign investment, the country still needs much improvement in the global capital structure. From 2000 to 2017, foreign direct investment flow has grown rapidly, from $9 billion to about $60 billion.