President Ramaphosa Appeals Chinese Businesses To Invest In South Africa

President Ramaphosa urged Chinese businesses to invest in South Africa, highlighting the massive opportunities for growth and development in the African country.

Speaking on Tuesday during the Shenzhen Business Roundtable on the occasion of the State Visit to China, the president stated that South Africa offers a valuable chance for companies in Shenzhen to enhance their global value chains.

He encouraged Shenzhen companies to take a more active role in South Africa's economy for mutual benefit while expressing admiration for Shenzhen's transformation into a major digital supply chain hub over the past four decades and suggesting that South Africa could learn important lessons from Shenzhen's experience.

"Shenzhen is now a leader in the knowledge economy. We are keen to learn more about the city's journey towards becoming a global center of technology, innovation and growth," the president said, SA News reported.

He added, "As we work to develop our economy, we value advice, support and technical assistance in planning, infrastructure and skills development. As we undertake this just and inclusive energy transition, we see many opportunities for growth and job creation in the green economy."

South Africa pledged to cut its carbon emissions aligned with global goals. Ramaphosa explained that the country is making these changes at a pace and in a way that suits its own development.

He mentioned that South Africa has introduced policies to boost the electric vehicle industry. He stated that companies like BYD and CATL will find South Africa an ideal location to reach other markets.

The president also noted that Shenzhen, as a leader in green energy and infrastructure, could be a key partner for South Africa during its major transformation in the energy sector.

Ramaphosa said that recent regulatory changes have led to major new investment in electricity generation, mostly from renewable sources. He added that there are more than 130 confirmed private-sector energy projects in the pipeline, which are expected to generate about 22,500 MW of electricity.

"In addition to securing our country's energy supply, these investments will lay the basis for the further growth of our advanced manufacturing sector," he said. "This is further supported by the implementation of the African Continental Free Trade Area, which will drive a new era of industrialization in South Africa and across the continent."

The president said that South Africa - with its plentiful renewable energy resources and important mineral deposits - is well-positioned to lead in green energy and related industries.