Cape Town, South Africa (PANA) - The Director-General of South Africa's Department of Trade and Industry Lionel October on Thursday said the relationship between the country and China should be seen more as a continent-to-continent relationship rather than as two countries forming alliances.
According to a department statement, he was addressing delegates at an Investment Seminar in Shanghai, China.
“China’s investment has grown significantly in Africa and we have seen several companies invest in numbers. In South Africa alone, Chinese manufacturer First Automobile Works has invested US$100 million to build a vehicle and truck assembly plant in Coega and so far the project has produced one thousand jobs with some of the vehicles destined for Africa”, said October.
He encouraged Chinese companies to invest in South Africa and take advantage of opportunities presented by recent initiatives such as the Tripartite Free Area.
The Memorandum of Understanding with the International Brand Management Centre (IBMC) and Trade and Investment South Africa, which was signed earlier in the week between the two institutions, will assist the South African enterprises to gain access into the Chinese market.
Sixty-eight South African companies from different sectors are taking part in the exhibition which ends Friday.
Last year’s expo generated on-the-spot export sales of value-added products worth 8 million Rand (US$915,000) and estimated future export sales over the medium term (next three years) of about 400 million Rand (US$46 million).
-0- PANA CU/SEG 26ct2012