Trade, Industry and Competition Minister Ebrahim Patel said talks held in Pretoria between South Africa and a high-level delegation representing China led to significant outcomes to boost trade, investment and job creation.
Patel, who was supported by South Africa’s Ambassador to China, Siyabonga Cwele, made the remarks at Sandton, Joburg, following engagements on Wednesday and Thursday with visiting Chinese Minister of Commerce Wang Wentao who was supported by Ambassador of China to South Africa, Chen Xiaodong.
About 20 Chinese enterprises, including China Poly Group, China Chengtong, China National Agricultural Development Group, BYD and CATL, participated in the event.
The talks were held during an official session of the Joint Economic and Trade Committee (JETC) between the two friendly nations, and focused on increasing trade and changing the composition of the trade, in a bid to ensure that South Africa exports more manufactured and value-added products to China.
Leading the Chinese delegation, Wang highlighted that bilateral trade and economic cooperation between China and South Africa has made remarkable progress in recent years.
“Bilateral trade volume has been steadily increasing, and two-way investment has been expanding. At present, China is promoting Chinese-style modernisation through high-quality development, a process that will open up broader market access and opportunities for countries around the world, including South Africa,” he said.
The Chinese Ministry of Commerce trade promotion mission was in South Africa to promote cooperation between the two countries and expand the areas of cooperation.
According to the Department of Trade, Industry and Competition, two-way trade between the two countries last year was in excess of R900 billion, and Chinese investment in South Africa was aggregated at close to R200 billion.
The Joint Economic and Trade Committee was held in preparation for the imminent State Visit by President Xi Jinping, leader of the People’s Republic of China, who will be in South Africa on August 22.
The Joint Economic and Trade Committee discussion noted the “extraordinary progress” China has made in green technologies, including electric vehicles.
The two ministers reviewed progress made in developing Memoranda of Understanding on the green economy, the blue (oceans) economy, digital trade, investment and the Special Economic Zones.
Patel highlighted that China is South Africa’s largest trading partner.
“The talks focused on ways to expand South Africa’s export of both manufactured and agricultural products to China, raise Chinese levels of investment in South African industrial activities and increase the number of trade missions between the two countries.
“The two parties agreed to address customs fraud and under-invoicing in a determined manner. China agreed to partner South Africa’s efforts to industrialise further and to transition to a greener manufacturing economy,” said Patel.
“Since 1994, South Africa and China have been working tirelessly to deepen their political and economic relationship. In the first phase we focused on trade. We successfully grew our exchange of goods to a level where today China is South Africa’s largest trading partner in the world. Today our two-way trade equals more than R900 billion,” he said.
Patel added that the second phase of the South Africa-China relationship has focused on investment.
He said China’s investment in South Africa today is close to R200 billion in sectors such as mining, telecommunications, and manufacturing, producing automotive, electronic and household goods.
Addressing the gathering, Ambassador Chen took stock of the many important achievements in China-South Africa trade and economic cooperation in recent years and reaffirmed China’s commitment to strengthen practical cooperation with South Africa in trade, investment, infrastructure and other areas of greater benefit to people of the two nations.
IOL