Companies from South Africa and China concluded trade deals worth $2.19 billion during a visit to the country by Chinese Commerce Minister Wang Wentao.
(Bloomberg) — Companies from South Africa and China concluded trade deals worth $2.19 billion during a visit to the country by Chinese Commerce Minister Wang Wentao.
The agreements were made at a meeting of a joint economic and trade committee aimed at boosting South African manufacturing exports to China and Chinese investment in the Southern African country, South Africa’s Trade, Industry and Competition Minister Ebrahim Patel told journalists on Thursday.
Anglo American Platinum Ltd., Glencore Plc, Sappi Ltd. and Pioneer Fishing Ltd. were among South African companies that participated in meetings with 50 of their Chinese counterparts ahead of a planned state visit by Chinese President Xi Jinping later this month.
“China agreed to partner South Africa’s efforts to industrialize further and to transition to a greener manufacturing economy,” Patel said in a statement released after the meeting.
South Africa had $56.3 billion of trade with China in 2022, of which exports to the Asian country accounted for $32.5 billion, according to data compiled by Bloomberg. China’s investment in South Africa is close to 200 billion rand ($11 billion) in areas including mining and manufacturing, Patel said.
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