The Minister of Trade and Industry, Dr Rob Davies has implored Chinese companies to invest in South Africa's mining beneficiation, capital equipment and metals sectors.
Minister Davies was delivering a keynote address at the China and South Africa Business Seminar that took place at the Portman Carlton Hotel in the Chinese state of Shanghai.
More than 100 business people from China and South Africa attended the seminar.
"The success of the 2010 FIFA World Cup in South Africa and the Shanghai World Exposition 2010 in China speaks volume about what is happening in the world economy today.
"The world economy has undergone very profound changes in the last few years. The new poles of economic power and the new forces of dynamism in the world economy have shifted very decisively to the South.
"China, which has emerged as the second largest economy in the world and is undoubtedly on track to become the largest economy in the world, is leading the way," said Minister Davies.
He singled out India and South Africa as two developing countries that were making tremendous progress in the world economy
"The Mackenzie Consultancy recently issued a report that echoed what the International Monetary Fund (IMF) said a while ago, that after China and India, the next big successful story in the world will be Africa.
"Africa is poised to make big strides forward. The fact that South Africa is part of the dynamic advanced developing countries, a power in our own right and are also part of the African continent, makes us a very important focus for investors and those interested in expanding trading relations," said Minister Davies.
He said China had grown from being South Africa's fourth largest trading partner in 2008, to being South Africa's largest trading partner in 2010.
"We are in discussion with China to increase the proportion of value added products that are being exported to China. Our policy is to encourage investment in higher levels of beneficiation of the South African mineral products.
"We believe some level of processing and beneficiation of the products in our country will add value to our economy and make returns for those investments more equitable and more growth enhancing," said Minister Davies.
South Africa's Consul-General, Vika Khumalo said the business people who were part of Minister Davies's delegation were in China to learn more about the country and establish potential partnerships that could be mutually beneficial.
"During the next few days, there will be seminars, business to business meetings and site visits bringing together Chinese companies with the South African opportunities to introduce and discuss potential cooperation.
"And we have no doubt that the outcome of the seminar and the South African delegation's visit will be concrete deals that will take our economic interaction to the highest level," said Khumalo.
Minister Davies is on a four day trade and investment mission. He is leading a delegation comprising business people from the metals, mining and capital equipment sectors, as well as officials from provincial investment promotion agencies.
MEC for Economic Development and Tourism in Limpopo, Mr Pitsi Moloto is also part of the delegation.
For more information, contact:
Bongani Lukhele
Cell: 074 299 8512
E-mail: BLukhele@thedti.gov.za
Sidwell Moloantoa Medupe
Tel: 012 394 1650
Cell: 073 522 6801
E-mail: MSMedupe@thedti.gov.za
