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S. Africa wants more investment from China

08-25-2010 08:52 BJT

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The South African President has called for greater investment in his country, from China. Jacob Zuma's government is seeking to boost economic development and shrink the nation's trade deficit with China.

South African President Jacob Zuma told at a forum of business executives held in Beijing, that South Africa is looking for expanded trade that will help it meet its development needs. He said the government will focus on improving infrastructure and livelihoods.

Zuma said South Africa and China could cooperate in infrastructure, minerals, engineering, energy, information and communication technology and electronics.

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

China is South Africa's largest trading partner. But the country's GDP growth is forecast at 2.3 percent this year. China has been considered a key driver of the country's economic growth.

Rob Davies, Trade Minister of South Africa said "We will be looking to encourage and support investments in our country which will manufacture components into infrastructure programmes."

The Chinese government wants to forge ahead with cooperation with South Africa in a more complementary way.

Gao Hucheng, Vice Minister of Commerce said "There are strong complementary factors between our economies. There are fine prospects for economies and fine prospects for economic and trade cooperation."

Officials signed a series of memorandum of understanding on investments in clean energy, power transmission and railways.

They also agreed to a 240 million euro loan agreement between South Africa's third largest mobile phone operator, Cell C and China Development Bank.

Editor:Xiong Qu |Source: CNTV.CN

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