Chinese pledge R660bn to SA, Africa development - TechCentral

Chinese pledge R660bn to SA, Africa development

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China pledged US$50bn (R660bn) towards industrialisation projects in South Africa and the rest of the African continent on Tuesday, ahead of its upcoming Forum on China-Africa Cooperation.

The pledge was announced during a courtesy visit by Zhang Xiangchen, vice minister of commerce of China, and Lionel October, director-general of the department of trade & industry, in Pretoria.

China will also provide 50 technical experts in building and upgrading of industrial parks, building of new power plants, 40 000 training opportunities in different sectors and 200 000 industrial managers to train and develop local industrial managers, according to a trade & industry statement.

Xiangchen said there were several new measures that the Chinese government is finalising to further promote industrialisation and development of the African continent as a whole.

“China-Africa industrialisation partnerships will be at the forefront of any development in the continent followed by agricultural activities,” Xiangchen said in the trade & industry department statement.

“China will also increase investments in Africa especially in the special economic zones and provide training in those sectors.”

The courtesy visit also focused on the upcoming Forum on China-Africa Cooperation to be hosted in Johannesburg from 4 to 5 December 2015.

In 2014, international relations minister Maite Nkoana-Mashabane announced that China would increase training opportunities and provide training for 2 000 South Africans from 2015 to 2020.

“China committed to support South Africa’s industrialisation agenda by agreeing to assist in the development of science and technology and industrial parks, as well as in key areas such as the ocean economy,” she said.  — Fin24

5 Comments

  1. I couldn’t agree more with Anib79. This is not a small investment and I am very curious as to what is in it for China. I hope the investment is also spent wisely as RSA has a history for pushing money in the wrong directions even when it is supposed to be used for a good cause.

    More jobs = great; more fat cat jobs= very bad.

    Any investment is not a bottomless pit and hence these infrastructures will need to be supported and the current financial pull from the public to support the existing “non-maintained” infrastructure is already sucking people dry. Which bring us back to Anib79’s comment as there will have to be a ROI to the “sirs”. This is not a small pie to pay back and although the Rand is weak at the moment (seemingly great time for investment), we are not really doing much to strengthen it any time soon (grim outlook for any guaranteed positive ROI) .

  2. I also hope that will be used for the better good in SA. However it could be political and to help ANC to stay in power and raise funds for the election. It couldn’t have come at better time… ANC must have promised China something in return.. so my prediction … ANC will miraculous turn few enterprises around … and use that to attract votes (that could be a good thing in short term). … or they continue to steal the money and make themselves fatter and bigger!

  3. Do the right thing on

    Show me the terms , show me the terms , there aint no such thing as a free lunch

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