With annual growth rates sometimes exceeding 5%, most African countries have experienced sustained economic growth over the last 15 years (European Parliament 2016).
One out of every three people between the ages of 15 and 29 will live in Africa in 2050 (ONU 2017).
The African middle class already has more than 340 million people and consumer spending will triple by 2040 (African Development Bank 2016).
Africa is home to 60% of the world’s arable land and one-third of its mineral and energy reserves.
In its very rapid development, Africa is immediately gearing up on the most advanced technologies with products and services that are sometimes more sophisticated than those marketed in the West. For example, when it comes to mobile banking, Africa is way ahead of our old Europe.
The Middle Kingdom is well aware of the situation and in 2020, bilateral trade between China and Africa will amount to 400 billion USD!
On the other hand, Europe is lagging behind while it has know-how, R&D, and products and services that are often much more efficient than their Chinese counterparts.
In addition, English and French are widely spoken on the African continent, which facilitates exchanges with many European countries.