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China commits to invest $14.7bn in SA

25 July 2018

The South African government has signed several agreements with China, including an investment commitment from China of $14.7 billion.

This was announced after the State visit by Chinese President Xi Jinping, where he met with President Cyril Ramaphosa to further deepen trade and bilateral relations.

“We have signed several agreements and memoranda of understanding that are intended to further deepen our relations, including investment commitments to the value of US$14.7 billion.

“President Xi Jinping has indicated that China is ready to invest and work with South Africa in various sectors, such as infrastructure development, the ocean economy, green economy, science and technology, agriculture, environment and finance,” President Ramaphosa told a media briefing after their official talks.

Total trade between South Africa and China has been growing since 2009, moving from R118 billion to R271 billion by the end of 2013.

However, while there is a trade imbalance between China and South Africa, both countries have implemented various mechanisms to address these discrepancies, President Ramaphosa said.

President Xi, who was accompanied on the visit by his wife Peng Liyuan, used the occasion to acknowledge the close and high-level exchanges and fruitful practical cooperation across the board. He described South Africa as a “good brother and comrade”.

President Xi said the two countries need to start a new chapter of elevating their relations.

The two countries committed to putting the people at the centre of their cooperation, as this will bring greater public support for a China-South Africa friendship, and make the people more closely connected.

The State visit forms part of a number of activities South Africa and China committed to jointly undertake during the course of this year under the umbrella of the celebration of the 20th anniversary of diplomatic relations.

The China State visit coincides with the 10th BRICS Summit.

Photo by Kopano Tlape - GCIS

 


 
 
 
 
 
 
 
 
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July 2018

 
 
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