Tags: China | Trade | South-Africa | Zuma

China Ramps Up Trade With South Africa

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Tuesday, 09 Dec 2014 09:31 AM Current | Bio | Archive

A target of 5 percent growth by 2019 was set by South African president Jacob Zuma in this year’s budget speech. Many have called this number ambitious; however the president stood his ground on this point when he addressed the South Africa-China business forum in Beijing last Friday.
 
In a report by Siyabonga Mkhwanazi, Ma Zehua, the chairman of the BRICS (the Brazil, Russia, India, China, South Africa alliance) Business Council chapter in China, said the five working groups that had been established would consolidate work in infrastructure investment, rail, manufacturing, and technology.
 
He added that the partnership with South Africa was developing at a fast pace and this boded well for future cooperation.
 
In a bid to attract continued and increased Chinese investment, President Zuma explained that his pledge for growth was realistic. He went on to highlight the 4 trillion rand ($346 billion) that has been earmarked for improving South Africa’s infrastructure over the next 15 years.
 
China has agreed to share its technology with South Africa for this infrastructure development program.
 
Last year saw more than $23 billion in trade between the two countries, the result of a 32 percent increase in trade over the past eight years.  
 
The latest breakthrough in trade has been in the agriculture sector where government assisted in closing a deal for South African farmers to export white and yellow maize to China.
 
For more on this story visit IOL.
 
Matthew Klynsmith earned a business administration diploma at CTI in Cape Town, South Africa. He now works at Strategic Options as an associate partner. To read more reports from Matthew Klynsmith, Go Here Now.
 
 

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A target of 5 percent growth by 2019 was set by South African president Jacob Zuma in this year’s budget speech. Many have called this number ambitious; however the president stood his ground on this point . . .
China, Trade, South-Africa, Zuma
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2014-31-09
Tuesday, 09 Dec 2014 09:31 AM
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