SA bolsters trade relations with China after successful BNC
5 Nov 2019 - by
Deputy President David Mabuza has called for greater access to Chinese markets for South African products following a state visit to China where he co-chaired the 7th South Africa-China Bi-National Commission (BNC) from 31 October to 3 November.
Mabuza welcomed investment by Chinese companies in as the real estate, automotive and metals sectors, but pointed out that the rising trade imbalance between the nations was a cause for concern. He said there was a need for increased Chinese investment in the South African agricultural sector.
“The trade balance has soared to R122 billion in 2018, and the trade surplus has been in favour of China, creating a concerning imbalance between our two countries,” he said.
In a move to improve investor confidence in South Africa, Mabuza went on to promise the business community that a new package of economic reforms would be unveiled soon.
"The package of reforms is aimed at enhancing South Africa's competitiveness, boosting economic confidence and setting the country on a sustained economic growth path.”
The Ministry of Commerce of China has since announced that they will be increasing the representation of the Chinese business delegation to the 2nd South African Investment Conference from 5 – 7 November to 70 companies.
Mabuza will travel to Vietnam next for more bilateral discussion as the deputy president continues on his tour of Asia.