China will invest $14.7 billion in South Africa, President Cyril Ramaphosa announced on Tuesday following talks with visiting Chinese President Xi Jinping.
President Xi arrived in South Africa on Monday evening ahead of the 2018 BRICS Summit set to begin on Wednesday in Johannesburg.
South Africa’s Ramaphosa hosted a welcoming ceremony for his Chinese counterpart on Tuesday, after which they held bilateral talks focusing on strengthening mutually beneficial cooperation.
In a series of tweets sent out by the official presidency Twitter account, President Ramaphosa said “China is ready to invest and work with South Africa in various sectors, such as infrastructure development, ocean economy, green economy, science and technology, agriculture, environment and finance.”
President #Ramaphosa: We have signed several Agreements and Memorandums of Understanding that are intended to further deepen our relations, including investment commitments to the value of US$14 billion. #ChinaInSA pic.twitter.com/FZpiyzyv14
— PresidencyZA (@PresidencyZA) July 24, 2018
Chinese President Xi Jinping said the world’s second-biggest economy would take active measures to expand imports from South Africa to support development in Africa’s most industrialised economy.
The 10th BRICS Summit will kick off on Wednesday, with the member nations expected to engage in talks on a series of issues, including financial cooperation.
Other leaders expected to attend include Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.