China and South Africa Agreed to Boost Investments and Trade Balance
President Xi Jinping of China and President Cyril Ramaphosa of South Africa met in Beijing to discuss promoting balanced trade and increasing investments between their industrial and commercial sectors. The leaders emphasized the importance of narrowing South Africa's trade deficit with China and focusing on sustainable manufacturing and job creation.
China, as South Africa's largest trading partner, expressed its willingness to support job creation through local employment initiatives and the establishment of manufacturing bases near raw material sources. The two countries also discussed technology and skills transfer, as well as collaboration in renewable energy and energy storage.
While specific investment and financing pledges were not disclosed during the meeting, both nations signed cooperation agreements related to satellite navigation, housing, settlement, and export requirements for dairy products and raw wool. They also highlighted the need for international support in implementing the African Continental Free Trade Agreement to boost regional integration.
Overall, the discussions between China and South Africa signal a commitment to strengthening economic ties and promoting mutual growth opportunities.
