China, South Africa Pledge to Boost Trade, Investment

Beijing, China – Chinese President Xi Jinping and South African President Cyril Ramaphosa met in Beijing on Monday to discuss ways to strengthen bilateral trade and investment ties. In a joint statement released following their meeting, the two leaders agreed to promote balanced trade and explore opportunities for increased cooperation in various sectors.

Ramaphosa, who is in China for the ninth Forum on China-Africa Cooperation, expressed South Africa’s desire to reduce its trade deficit with China and diversify its trade structure. He called for more sustainable investments that would create jobs and promote industrial development.

China, South Africa’s largest trading partner, acknowledged the need to address the imbalance in trade and pledged to support job creation through initiatives such as recruitment conferences for Chinese enterprises. The joint statement also highlighted plans to establish manufacturing bases near raw material sources, facilitate technology transfer, and share China’s experience in poverty reduction and rural development.

During their meeting, the two leaders signed several cooperation agreements, including in the areas of satellite navigation, housing, dairy products, and renewable energy. They also announced plans to co-host a new energy investment conference.

While the joint statement did not include specific investment pledges, it builds on previous commitments made by China to support South Africa’s energy sector. Last year, Chinese power companies pledged to help upgrade South Africa’s nuclear power plants, extend the life of its coal-fired power stations, and establish manufacturing facilities for transformers and solar panels.

In addition to bilateral issues, the two leaders discussed the importance of supporting African countries in implementing the African Continental Free Trade Agreement, which aims to create a single continental market for goods and services.