International relations

Zuma to China: we're open for business

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25 August 2010

President Jacob Zuma, addressing a forum of Chinese and South African business executives on the first day of his state visit to China, said that South Africa was open for business "in a big way".

Zuma is being accompanied on his three-day visit by over 370 representatives from the business community, the largest ever contingent from South Africa to visit China.

Zuma told the business gathering in Beijing on Tuesday that strengthening and enhancing South Africa's political, economic and commercial relations with China was critical to the country's national priorities.

"China is indeed a key strategic partner for South Africa, and South Africa is open for business in a big way," he said.

Increased trade between the two countries would help South Africa meet its development needs as well as improve infrastructure and the livelihoods of its people.

"The quest for beneficial international trade relations is aimed at helping us to achieve the necessary economic growth to enable us to achieve our developmental objectives."

Zuma said there were numerous untapped opportunities in various sectors in South Africa, adding that it was the responsibility of the business sector to make the wheels of trade turn and to keep them properly oiled.

"There are opportunities to be explored in manufacturing, especially in the automotive, agro-processing and textile areas, the promotion of a green economy, agriculture, infrastructure and skills development."

South Africa's trade relations with China have expanded dramatically since 1998, according to the Department of International Relations and Co-operation. China became South Africa's largest export destination by country at start of 2009, and was also South Africa's largest partner when it came to imports.

Total trade between the two countries was R119.7-billion in 2009, a growth of two percent over the R118-billion recorded in 2008, allowing China to overtake the United States as South Africa's biggest export destination.

However, trade statistics with China reflect the potential that still exists for expanding the commercial relationship between the two countries.

Source: BuaNews