SA enters R15bn trade pact with Bank of China for industrial investment
The South African government and the Bank of China have entered into a trade agreement in which the Chinese will make investments to the tune of $1.1bn (R15bn) in special economic zones and industrial parks in SA.The co-operation agreement to promote trade and investment between Beijing and Pretoria is one of several deals that were struck between the two countries as part of President Cyril Ramaphosa’s first state visit to China.Ramaphosa and Chinese counterpart Xi Jinping will co-chair the two-day summit of the Forum on China-Africa Co-operation‚ starting on Monday. Ramaphosa returns home on Thursday.In terms of the agreement between the Bank of China and the department of trade and industry (DTI)‚ one of the biggest commercial banks in China has committed to pumping money into the development of special economic zones in SA.The Bank of China and the department of trade and industry were due to finalise the implementation‚ which would include specific projects to receive investmen...
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