Live News From Pretoria
LIVE news coverage from Pretoria, South Africa and Africa

Almost 60 Chinese companies participated at 2020 SA Investment Conference

2

21 November 2020

Business Reporter/PretoriaLIVE

PRETORIA – Almost 60 Chinese companies participated at the third South Africa Investment Conference, via video link, according to the Embassy of China in South Africa.

The Chinese entities are involved in sectors including infrastructure, power, energy, machinery, manufacturing and telecommunications.

Chinese Ambassador to South Africa, Chen Xiaodong, also attended the event via video link.

“As the only country which sent government delegations to both the first and second investment conferences, China has been active in responding and supporting the South African government’s initiative to attract investment. Since the first South Africa Investment Conference in 2018, Chinese enterprises have invested a total of R18 billion in South Africa, among which most of the cooperation projects have been implemented and completed,” the Embassy told PretoriaLIVE.

“Up to now, over 200 Chinese companies have invested US$25 billion in South Africa, creating nearly 400, 000 jobs for local people. China will continue to encourage more Chinese enterprises to start businesses and invest in South Africa so as to support South Africa’s efforts to reconstruct its economy, create more jobs and improve people’s livelihood.”

At the conclusion of the two-day event, the Presidency in Pretoria said a total of 50 companies had pledged more than R109 billion at the high-level investment conference.

This year’s investment commitments brought the total amount of pledges to R773.6 billion worth of investments over the last three years. With this total amount, South Africa has now reached 64 percent of its total target of R1.2 trillion.

Concluding the gathering, President Cyril Ramaphosa said this year’s conference stands out for a number of reasons.

“Firstly, it is taking place in an extremely subdued economic climate. To secure investment commitments of over R100 billion is therefore a remarkable achievement. Secondly, we are seeing significant numbers of smaller, good quality investments in the manufacturing sector, which is a priority for our recovery. A number of the new announcements are from companies that have made investments in previous years and are now expanding and upgrading,” said Ramaphosa.

“Thirdly, several of the investment commitments made at this conference are in sectors that have been hard-hit by Covid-19, especially the tourism and hospitality industries. These investments will go a long way towards their recovery. As in previous years, the breadth of investments showcases the diversity of the South African economy.”

Ramaphosa extended special gratitude to companies, including Chinese multinational technology giant Huawei, whose “generous sponsorship” made the 2020 conference possible.

PretoriaLIVE