At the South Africa-China Business Forum, Ramaphosa promotes South Africa as a strategic hub for accessing Africa’s vast markets and driving economic growth.
South Africa is still the gateway to Africa, President Cyril Ramaphosa has told China at the South Africa-China Business Forum in Shenzen yesterday.
Cooperation between South Africa and China “extends beyond our two countries”, he said.
“The growth of the South African economy will support the success of the African Continental Free Trade Area, which opens access to a market of over 1.3 billion people.
Ramaphosa tells China that African economic integration is becoming a reality
“African economic integration is fast becoming a reality.”
South Africa, Ramaphosa said, is “a country with enormous potential for growth and development”.
“We are advantageously placed for companies looking to expand into the rest of the African continent.”
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Many Chinese companies have invested in South Africa and many others have shown a keen interest to invest.
There have been distinct moves into sectors such as manufacturing, banking, textiles, mining and agriculture.
Among the more significant investments was the investment by the Industrial and Commercial Bank of China, which bought a 20% stake in Standard Bank, one of the continent’s largest banks.
Hisense entred SA market
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 SA.
Other Chinese flagship companies, such as ZTE and Huawei Technologies are also expanding their presence in South Africa.
“Since the start of our investment drive in 2018, Chinese companies have made investment pledges of over R18 billion in the manufacturing, resources, finance and agro-processing sectors,” Ramaphosa said.
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China is SA’s largest trading partner, he said, adding “we are seeking to shift the structure of our trade profile” – an indication Pretoria wants to alter the trade mix from exports of raw material and imports of finished and manufactured goods.
