EconomyGovernmentNews

President Ramaphosa head to China on State Visit

With China being South Africa’s largest trading partner, the upcoming State Visit to the People’s Republic of China by President Cyril Ramaphosa is expected to fortify the economic relationship between the two countries.

In 2023, South Africa’s bilateral trade reached $34 billion, with exports totaling $12 billion and imports at $22 billion. 

“China’s substantial contribution to our investment drive has made it the largest source of foreign direct investment for South Africa. We anticipate concluding several important agreements during this State Visit, including a Framework Agreement on Development Cooperation, addressing the trade balance, and expanding market access,” spokesperson for the Minister of International Relations and Cooperation, Chrispin Phiri, said recently.

Phiri said these agreements will strengthen South Africa’s Comprehensive Strategic Partnership with China and elevate regional and multilateral cooperation to support global peace and security.

The President will travel to China from 2 – 5 September 2024 to further strengthen diplomatic and trade relations between the two countries.

“This visit is a testament to the robust relations between our two nations, built on mutual respect and benefit. It follows President Xi Jinping’s fourth State Visit to South Africa, further strengthening our ties.

“The primary focus of this visit will be to fortify our economic relationship. South Africa’s largest trading partner, China, has played a pivotal role in our economy. 

“Our relations with China are central to realizing our developmental agenda and efforts to implement the National Development Plan. This visit provides an opportunity to review progress on existing trade and cooperation, and to expedite and finalize new areas of collaboration,” he said.

While in China, the President will lead the South African delegation to the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing from 4 to 5 September 2024.

The Summit, themed, ‘Joining Hands to Advance Modernisation and Build a High-Level China-Africa Community with a Shared Future’, will further South Africa’s cooperation under the Belt-and-Road Initiative, the Global Development Initiative, the Global Security Initiative, and the Global Civilisation Initiative (“Three Initiatives”).

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