Cabinet has received a briefing on the outcomes of the recent successful State Visit to the People’s Republic of China that was led by President Cyril Ramaphosa.
President Ramaphosa undertook a State Visit to China and attended the Forum on China – Africa Cooperation Summit (FOCAC) in Beijing from 2 to 6 September 2024 at the invitation of President Xi Jinping.
China is South Africa's largest trading partner globally, while South Africa is China’s number one trading partner in Africa. Total bilateral trade grew from R614 billion in 2022 to R692 billion in 2023.
“An agreement to change the structure of trade into more value- added manufactured products, particularly an agreement to exchange a list of 100 value-added products from South Africa that China will consider importing.
“In addition, South Africa secured cooperation from China on three value chains relating to decarbonisation, digitalisation, transport and logistics. This cooperation will pave the way to promote investments in electric vehicles, battery manufacturing, renewable energy storage, as well as in identified Special Economic Zones and Industrial Development Zones,” Minister in The Presidency, Khumbudzo Ntshavheni said on Wednesday in Cape Town.
Key Chinese investors in both Shenzhen and Beijing expressed interest to either expand their investments or for greenfield investment into South Africa.
“During the State Visit, six Memoranda of Understanding (MoUs) were signed aimed at promoting cooperations between China’s entities and South African companies and Development Finance Institutions to strengthen cooperation to promote industrial development in South Africa, promote technology cooperation to advance decarbonisation of key South African sectors and value -chains and to promote investments in the renewable energy sector.
“The agreements signed both at a government and private sector level will contribute to accelerate investments that promote green and low-carbon transformation and promote innovation in industrial activities and also attract investment in Special Economic Zones and Industrial Parks,” the Minister said.
Ntshavheni was briefing members of the media on the outcomes of the Cabinet meeting held on 6 November 2024. - SAnews.gov.za
