A Chinese economic and trade delegation consisting of 60 entrepreneurs from more than 40 major companies signed 93 cooperation agreements with their South African counterparts during a signing ceremony held in Cape Town on Friday evening.
During the event at the Cape Town International Convention Centre (CTICC), South Africa Trade and Industry Minister Ebrahim Patel said the 93 agreements between Chinese buyers and South African suppliers, worth some R27 billion, reflected President Cyril Ramaphosa’s State of the Nation address in action.
He said the agreements would create jobs for young people in South Africa, expand the industrial space and help ensure that the country has inclusive economic growth.
“This agreement prioritised improving the structure of trade between the two countries by working towards a more balanced trade profile and encouraging trade in value-added manufacturing products. This would be achieved through Chinese enterprise investing in South Africa in our manufacturing industry and as well as actively promoting the sourcing of value-added products by China from South African suppliers,” Patel said.
“Today’s event is an excellent illustration of us achieving this common goal that we have set ourselves,” he added.
The delegation, led by Ren Hongbin, Assistant Minister of Commerce in the People’s Republic of China, visited South Africa to further enhance business cooperation. This comes after the effective implementation of the consensus reached by Chinese President Xi Jinping with President Ramaphosa and the outcomes of the 2018 Forum on China–Africa Cooperation (FOCAC) Beijing Summit.
“Our engagement on platforms of this nature reflects a common determination to take our economic relations to greater heights. South Africa and The People’s Republic of China established diplomatic relations in 1998, upgrading the partnership between the two countries to a strategic level with the adoption of the comprehensive strategic partnership agreement in 2010,” Patel said.
Source: ANA|COMPATRIOT MAGAZINE