SA-China strengthen trade, investment cooperation
SANEWS.GOV / 01 NOVEMBER 2019 - 14.11 / STAFF REPORTER
Deputy President David Mabuza arrived in Shanghai, China, on Friday for the trade and investment leg of the 7th South Africa–China Bi-National Commission (BNC).
The Deputy President is on a working visit to China to strengthen the South–South co-operation and the already existing bilateral, political and economic relations between South Africa and China.
This year, the two countries celebrate the 21st anniversary of their diplomatic relations, cemented on the Comprehensive Strategic Partnership Agreement that was signed in 2010.
The Agreement prioritised, amongst others, improving the structure of trade between South Africa and China by working towards a more balanced trade profile and encouraging trade in value-added manufactured products such as wool, chemical wood pulp and copper.
Currently, South Africa has a total of about 26 companies investing in China with a capital expenditure of R88 billion between January 2003 and August 2019.
China on the other hand has a total of 88 companies investing in South Africa with a capital expenditure of R116 billion over the same period.
“Whereas South Africa and China enjoy solid economic relations, we are determined to increase the amount of trade and investment between the two countries particularly in the areas of agricultural produce, value-added goods, technology and investment in infrastructure development among others.
“China remains our largest trading partner and we believe both our countries have much to benefit from this partnership,” said Deputy President Mabuza.
During his time in Shanghai, the Deputy President is scheduled to engage with close to 100 business leaders and representatives at the China-SA Business Forum.
The Deputy President will use the engagement to assure business leaders of the increased ease of doing business in South Africa as well as the many incentives adopted by the South African Government to enable more direct foreign investment.
Deputy President Mabuza will also officially open the South Africa Import Pavilion at the Greenland Global Community Trading Hub, which allows tangible access from all over the world to buy more South African products and thus promote more trade and investment.
Furthermore, Mabuza will hold a bilateral meeting with the President of the New Development Bank otherwise known as the BRICS Bank, whose Headquarters are in Shanghai, as well as meet with South African senior officials who are in the employ of the Bank.
The Deputy President will be accompanied by the Deputy Minister of International Relations and Cooperation, Candith Mashego-Dlamini, Deputy Minister of Trade and Industry, Fikile Majola, Deputy Minister Maggie Sotyu of the Department of Environment, Forestry and Fisheries, as well as senior government officials.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER