Beijing, China – President Cyril Ramaphosa has appealed to the business sector in China to invest in South Africa and make use of the great opportunities that exist for growth and development.

‘South Africa presents a great opportunity for companies in Shenzhen to deepen their global value chains,’ the President said on Tuesday.

The President made the remarks during the Shenzhen Business Roundtable at the occasion of the State Visit to China.

‘With the capabilities that your companies have, we encourage you to play a more active role in our economy for mutual benefit,’ he said.

Impressed by how Shenzhen has over four decades transformed into a leading digital supply chain hub, the President said South Africa can learn important lessons from Shenzhen.

Shenzhen is home to the most innovation-based technology start-up companies in China.

‘Shenzhen is now a leader in the knowledge economy. We are keen to learn more about the city’s journey towards becoming a global centre of technology, innovation and grow
th. 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,’ the President said.

South Africa has made a firm commitment to reduce its carbon emissions in line with global commitments.

‘We are doing so at a pace and in a manner that is appropriate to our country’s development path.

‘We have introduced policies to promote the development of the electric vehicle industry in South Africa.

‘We are certain that companies such as BYD and CATL will find South Africa a unique and advantageous location that can serve as a hub to reach other markets,’ the President said.

He said as a global leader in green energy and infrastructure, Shenzhen could be an important partner for South Africa as the energy sector undergoes a major transformation.

‘Over the last few years, regulatory changes have stimulat
ed substantial new investment in electricity generation capacity, mainly from renewable sources.

‘We now have pipeline of over 130 confirmed private sector energy projects that will produce approximately 22 500 MW of electricity,’ Ramaphosa said.

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South Africa is also making significant investments in the electricity transmission infrastructure.

‘In addition to securing our country’s energy supply, these investments will lay the basis for the further growth of our advanced manufacturing sector.

‘This is further supported by the implementation of the African Continental Free Trade Area, which will drive a new era of industrialisation in South Africa and across the continent.

‘With its abundant renewable energy resources and significant deposits of the minerals that are needed to drive green growth, South Africa is well-positioned to be a leader in the green energy and related industries,’ the President said.

Source: South African Government News Agency