China to invest nearly $15bn in SA
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
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