Advertise with fastmoving.co.za
 
 

China will invest $14.7bn in SA, President Cyril Ramaphosa said on Tuesday, after talks between the two countries.
China will invest $14.7bn in SA, President Cyril Ramaphosa said on Tuesday, after talks between the two countries.

China to invest nearly $15bn in SA

INTERNATIONAL NEWS

BusinessLive - Jul 24th 2018, 13:53

China will invest $14.7bn in SA, President Cyril Ramaphosa said on Tuesday, after talks between the two countries. 

The news led to the rand firming 1%.

Speaking at the same event, Chinese President Xi Jinping said the world’s second-biggest economy would take active measures to expand imports from SA to support development in Africa’s most industrialised economy.

Ramaphosa has set a target of attracting $100bn in new investment in SA over five years, from local and foreign investors, to spur growth in an economy that is in danger of teetering into recession.

He returned from a trip to Saudi Arabia two weeks ago and announced SA had clinched the first R12bn of a promised $10bn in investment from the kingdom.

As the Financial Mail noted, he has raised $20bn from Saudi Arabia and the United Arab Emirates combined, mainly in energy and tourism; R850m from the UK; and R10bn from Mercedes-Benz to expand its East London manufacturing plant.
Business Live 

Related News

Sugar importers bitter about consumer prices
19/07/2019 - 10:57
Sugar importers want to know why the industry is subsidised to the extent that consumers are being forced to pay about double the world price.

Food and beverages giant PepsiCo makes offer to acquire Pioneer Foods
19/07/2019 - 10:18
In a vote of confidence about SA’s long-term prospects, New York-based food and beverages giant PepsiCo has made an offer to buy Pioneer Food Group, which makes Sasko breads and Ceres juices, in a deal worth at least R25.4bn.

Poultry body defends call for 82% chicken tariffs
12/07/2019 - 08:50
The South African Poultry Association (Sapa) has defended its decision to call for a hike in chicken imports tariffs to 82 percent, up from the current 37 percent.

Manufacturing output remained tepid in May
11/07/2019 - 15:56
SA's manufacturing sector grew a marginal 1% year on year in May but failed to hold onto a surge experienced in April, when the sector rebounded after being hit by load-shedding in first quarter of 2019.

SA trade conditions remain under pressure - index
10/07/2019 - 16:11
Trade conditions in South Africa remained under pressure in June 2019, according to the South African Chamber of Commerce and Industry (Sacci).