He was addressing the welcome reception in honour of the business delegation from Zhenjiang Province of China, at the Chinese Embassy in Pretoria.
According to Magwanishe, South Africa and China have been engaged in a fast growing economic relationship, and China has been South Africa’s top trading partner since 2009. He reckoned that the increase of Chinese investment in the country through platforms like BRICS and Forum on China-Africa Cooperation (FOCAC) has been received with great enthusiasm.
“With South Africa hosting the 10th BRICS Summit, it certainly is a strategic time to strengthen our collaborative efforts with the Peoples Republic of China. Our government has developed workable action plans, with sectoral areas to upscale South Africa’s industrialisation capacity. Foreign Direct Investment, thus becomes critical to building productive capacity, through the transfer of knowledge and technology,” said Magwanishe.
Magwanishe commended and recognised the Zhejiang Province for its high-tech industries, electronics and as a leader in the 4th Industrial Revolution.
South Africa is therefore eager for collaboration, to actively explore investment opportunities and partnerships with Chinese companies
“South Africa is therefore eager for collaboration, to actively explore investment opportunities and partnerships with Chinese companies. Currently we have diversified our Special Economic Zones (SEZs) to accommodate all our attractive sectors. Our SEZ Programme offers lucrative opportunities for investors,” added Magwanishe.
The Ambassador of China to South Africa, Mr Lin Songtian said that after 20 years of joint efforts, China and South Africa have established comprehensive strategic partnership, creating tangible and visible benefits for both countries. He said that China has for nine years remained South Africa’s largest trading partner, and one of the most important sources of foreign investment and tourists.
He added that China-South Africa relations were strategic, all-dimensional, and mutually beneficial. More importantly, a major step of the Chinese government taking the lead to respond to and support the New Investment Drive of recruiting $100 billion in the next five years proposed by President Cyril Ramaphosa.
“This visit is to show that China is ready to be the most reliable friend and the strongest partner in South Africa’s pursuit of economic and social transformation. China will continue to encourage and support more Chinese investors to South Africa to participate in the investment conference and jobs summit,” added Songiat.
The Secretary of the Communist Party of China, Mr Che Jun brought 160 top-performing entrepreneurs and government officials on economic development. The delegation will also travel to Coega Special Economic Zone and co-host with the Eastern Cape government the China-South Africa Business Forum. This official visit is a diplomatic effort of the Chinese government to promote China-South Africa local government exchange.