China pledges to invest $14.7 billion in South Africa

Chinese, South African presidents meet ahead of BRICS summit on Wednesday
JOHANNESBURG: South African President Cyril Ramaphosa and his visiting Chinese counterpart Xi Jinping on Tuesday signed a series of cooperation agreements to strengthen bilateral relations.
The two leaders met in capital Pretoria ahead of Wednesday’s BRICS summit, a grouping of five countries, which includes Russia, India, and Brazil.
China is South Africa’s largest trading partner on the continent.
“China is ready to invest and work with South Africa in various sectors such as agriculture, trade and technology among others,” he said.
Ramphosa said: “Our relationship has gone beyond bilateral relations to strategic relations.’’
The South African leader said his Chinese counterpart had pledged to invest $14.7 billion in South Africa.
Several heads of state will attend the summit, including Turkey’s President Recep Tayyip Erdogan who was invited in his capacity as the chairman of the Organization of Islamic Cooperation.
Erdogan is expected to inaugurate the Turkish Embassy in Pretoria on Thursday and meet Turkish nationals living in South Africa.–AA

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