Association For Strategic Culture and Research Foundation

Russian President Vladimir Putin has sent warm greetings to African leaders, business people and participants early October, signaling that everything is set for the first Russia-Africa Summit in Sochi, southern coastal city of Russia.

After Soviet's collapse, Russia has been struggling to find ways of regaining part of its Soviet-era economic influence throughout Africa. Nigeria is high on Russia's agenda for reviving multifaceted business ties, at least to share the market and take up opportunities similar to external players such as the United States, Europe and China.

Sudan, located in the northeast Africa, has deepening economic crisis, so many social and political forces. While some are advocating for developing democracy, others have, under the circumstances, aligned with the military, which has accused the civilian governing parties of mismanagement and monopolizing power.

Africa is experiencing a flowing tide of solidarity and self-strengthening, and the continent’s influence in international affairs continues to grow. It is now forging ahead with the development of free trade zones, accelerating industrialization and modernization, and heading towards the bright future envisioned in the AU’s Agenda 2063.

This year marks the 65th anniversary of the start of diplomatic relations between China and African countries. Over the past 65 years, China and Africa have forged unbreakable fraternity in our struggle against imperialism and colonialism, and embarked on a distinct path of cooperation in our journey toward development and revitalization. Together, we have written a splendid chapter of mutual assistance amidst complex changes, and set a shining example for building a new type of international relations.

The report proposes that dialogues should be enhanced between civil societies, including expert and academic organizations. In a situation where a rapid expansion of trade and economic relations is difficult (for example, due to economic stagnation or a crisis in the respective country), the humanitarian track can become one of the ways to deepen relations further.

The financing needs to achieve the Sustainable Development Goals (SDGs) estimated at $2.5trillion for developing countries, was substantial even before the COVID-19 pandemic. The pandemic has exacerbated the financing challenges. According to the 2021 OECD Global Outlook, the annual SDG financing gap in developing countries is estimated to have increased by $1.7 trillion, or roughly 70%, in 2020

In their first joint declaration, emerging from the Russia-Africa summit, at the initiative of African participants a new dialogue mechanism—the Russia-Africa Partnership Forum—was created. The declaration stipulated that all top-level meetings take place within its framework once every three years, alternately in Russia and in an African state. It says further that the foreign ministers of Russia and three African countries—the current, future and previous chairpersons of the African Union—will meet for annual consultations.

The creation of $650 billion in new Special Drawing Rights last year was a step in the right direction but more needs to be done to enable African and other developing countries to access the SDRs that are not needed or being used by developed or emerging economies. It is also clear that public debt vulnerabilities will dominate macro-economic policy management in Africa over the next few years.

Long before this summit, European Union members and business investors have been making consistent efforts at capitalizing on and exploring several emerging opportunities offered by the newly introduced African Continental Free Trade Area (AfCFTA), which provides a unique and valuable access to an integrated African market of 1.3 billion people. In practical reality, it aims at creating a continental market for goods and services, with free movement of business people and investments in Africa.