The Minister of Trade and Industry, Dr Rob Davies says the Memorandum of Understanding (MoU) on Strategic Cooperation that was signed by the Department of Trade and Industry (the dti) and the Bank of China in Sandton today, will bear immediate fruits when a roadshow is undertaken to China to promote South Africa’s Special Economic Zones (SEZs). Minister Davies was speaking at the signing ceremony of the MoU soon after meeting the Chairperson of the Bank of China, Mr Tian Guoli.
Through the MoU, which was signed by the Director-General of the dti, Mr Lionel October and the General Manager of the Financial Solutions Department at the BOC, Ms Ren Li. the dti and the BOC agreed to cooperate on issues of investment promotion and facilitation, trade promotion and projects support. The BOC will also mobilise international and domestic resources to promote investments for South Africa in its capacity as a commercial bank.
“I am pleased that there are already plans to move speedily in implementing the MoU as there are arrangements in place for the Special Economic Zones investment roadshow that will take place in China in early May. The main purpose of the roadshow is to promote our SEZs in China and showcase the opportunities that are available there with the view of attracting more investment to the SEZs,” said Minister Davies.
Minister Davies added that China was not only South Africa’s largest trading partner, but it has also emerged in recent years as a significant investor in both infrastructure and industrial projects in South Africa.
“China’s investments in South Africa are important particular to the dti as they boost the department’s efforts to industrialise the country. Finical institutions like the Bank of China play a very critical role in the facilitation investment projects in the country. We are optimistic that the MoU will strengthen cooperation between SA and China in a number of areas, including trade missions, join marketing activities, investment, industrial finance,” said Davies.
In his address, Guoli said there were unlimited potential and wider prospects for economic and trade cooperation between China and South Africa.
Distributed by APO on behalf of The Department of Trade and Industry, South Africa.
Latest posts by Port Elizabethan (see all)
- Northern Areas water crisis - 21 April 2019
- South African Police Barracks – Mount Road – Port Elizabeth [video] - 21 April 2019
- PE Business News: Ford Begins Vehicle Exports From Port Elizabeth To Europe - 21 April 2019
- Bhisho News: Driver arrested at scene of fatal accident in George - 21 April 2019
- Uitenhage News: Makita concrete cutter - 21 April 2019