China to invest over $14 billion in SA
President Cyril Ramaphosa says China’s Xi Jinping has committed to invest $14.7 billion in South Africa.
The Chinese president is on his third state visit to South Africa ahead of the Brics Summiton Wednesday.
A number of agreements have been struck between the two countries which include deals signed by Eskom and Transnet.
Ramaphosa has welcomed the investment commitments, saying China is a strategic partner of South Africa.
“We’ve signed as you have witnessed several agreements and memorandums of understanding that intended to further deepen our relations, including investment commitments that have been struck to the value of $14.7 billion.”
Chinese economy in 2016 was pegged at US$21.4 trillion and trade wise most of South Africa’s imports go to China.
South Africa’s trade and industry minister Rob Davis told eNCA on Tuesday that the best thing about Chinese investment was that there was instant follow up to every investment pledge as well as tangible results.
Davis disclosed that Beijing Auto Works and Hisense were set to open manufacturing plants in South Africa.
Cash-strapped state-owned power utility, Eskom has secured a US$2.5 billion from China Development Bank in line with the investment engagement between the two nations.
Among the other agreements signed in Pretoria today during a pre-BRICS press conference between Chinese President Xi Jinping and President Ramaphosa was that of simpler visa requirements for some travellers between the two countries./EWN/eNCA
