President Cyril Ramaphosa says South Africa is seeking to shift the structure of its trade profile and deepen its investment relationship.
Ramaphosa was addressing the South Africa-China Business Forum in Beijing, on the margins of a state visit and the Summit of the Forum on China-Africa Cooperation.
“This Business Forum is an opportunity for engagements that will improve the trade and investment relationship between our two countries.
“South Africa and China have vibrant, diverse and growing economies, with a wealth of opportunities for businesses wishing to expand into new markets.
Bilateral trade between China and South Africa has increased by a third since 2019.
South Africa exports mainly minerals and agricultural products to China, and imports largely manufactured products from China,” said Ramaphosa.
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.
Both countries are expected to sign agreements aimed at enhancing economic cooperation and the implementation of technical cooperation, particularly in the fields of human settlements, agriculture and science and technology.
Ramaphosa assured the investors that South Africa is a good place to invest in.
“South Africa has one of the most advanced and diversified economies on the African continent.
It has a vibrant business environment and a strong regulatory framework.
It has a diverse, competitive and well-regulated financial sector.
We are a country with enormous potential for growth and development,” explained Ramaphosa.
In addition, he said the country is advantageously placed for companies looking to expand into the rest of the African continent.
The president applauded Chinese companies that have invested in the country, adding that many others have shown a keen interest to invest.
“Among the more significant investments was the investment by the Industrial and Commercial Bank of China, which bought a 20 percent stake in Standard Bank, one of the continent’s largest banks.
Chinese electronics manufacturer Hisense entered the South African market in 1997.
It is now exporting to other African countries and the United Kingdom from its Atlantis plant in South Africa.
Other Chinese flagship companies, such as ZTE and Huawei Technologies, are also expanding their presence in South Africa,” added the President.
Ramaphosa also urged Chinese businesses to double their investments in South Africa, especially in the energy and electricity sector.
