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China to invest $14.7bn in SA, says Ramaphosa

President Cyril Ramaphosa says China’s Xi Jinping has committed to invest $14.7 billion in South Africa.

China's President Xi Jinping and President Cyril Ramaphosa at the Union Buildings in Pretoria on 24 July 2018. Picture: @PresidencyZA/Twitter

PRETORIA - President Cyril Ramaphosa says China’s Xi Jinping has committed to invest $14.7 billion in South Africa.

The Chinese president is on his third state visit to South Africa ahead of the Brics Summit on Wednesday.

A number of agreements have been struck between the two countries which include deals signed by Eskom and Transnet.

Ramaphosa has welcomed the investment commitments, saying China is a strategic partner of South Africa.

“We’ve signed as you have witnessed several agreements and memorandums of understanding that intended to further deepen our relations, including investment commitments that have been struck to the value of $14.7 billion.”

Following high-level talks between President Ramaphosa and his Chinese counterpart Xi, a number of agreements have been signed on investment.

Big businesses, state-owned entities and even visa regimes are at the centre of the plethora of agreements signed between South Africa and China on Tuesday.

Ramaphosa says he believes there can be an increase in trade relations between the two countries.

“President Xi has indicated that China is ready to invest and to work with South Africa in various sectors, such as infrastructure.”

Power utility Eskom signed a loan agreement of $2.2 billion with China's Development Bank.

At the same time, Transnet has signed a loan facility with the Industrial and Commercial Bank of China.

An agreement was also struck on the softening of strict visa regimes between the two countries.

(Edited by Winnie Theletsane)