Ramaphosa doubles down on calls for more investments from Chinese companies
The address comes amid concerns about a wide trade deficit between SA and Beijing, which is the country’s biggest trade partner globally.
President Cyril Ramaphosa participates at Shenzhen Business Roundtable in September 2024, with leading technology captains of industry to attract South Africa's investment drive. Picture: GCIS
JOHANNESBURG - President Cyril Ramaphosa has doubled down on calls for more investments from Chinese companies, as South Africa weighs the trade ties between the two countries.
Ramaphosa is on a state visit to Beijing and addressed the South Africa-China Business Forum on Wednesday.
The address comes amid concerns about a wide trade deficit between SA and Beijing, which is the country’s biggest trade partner globally.
SA exports about $12 billion worth of goods to China, including minerals and agricultural products.
The country imports largely manufactured goods from China, with the value of imports double the exports.
READ: Ramaphosa in China for second state visit to solidify ties, talk trade
Ramaphosa said on the agenda were calls to shift the structure of the trade profile.
"In the last six weeks, a number of Chinese companies have increased investments to support the expansion of their operations. These investment commitments are testament to the resilience of the South African economy and the many opportunities for foreign and domestic investors," Ramaphosa said.
Ramaphosa added that there were a number of investment opportunities in the electric vehicle sector, renewable energy, infrastructure, manufacturing, and mining.