South Africa Plugs Gold, Diamonds and Rooibos Tea at China Import Expo
Fan Zhijing
DATE:  Nov 07 2018
/ SOURCE:  Yicai
South Africa Plugs Gold, Diamonds and Rooibos Tea at China Import Expo South Africa Plugs Gold, Diamonds and Rooibos Tea at China Import Expo

(Yicai Global) Nov. 6 -- South Africa will promote the country's Rooibos tea at the inaugural China International Import Expo in Shanghai, in addition to its more traditionally well-known exports -- gold and diamonds.

The country aims to narrow its trade deficit by showcasing more high-added value products such as those from agriculture, Rob Davies, South African Minister of Trade and Industry, told Yicai Global at the event, which runs until Nov. 10 at the city's National Exhibition and Convention Center.

Some 27 companies and organizations from South Africa's agricultural processing, clothing, technology, and energy sectors are showcasing products at the country's CIIE pavilion. Specialties include wine, tea, fruit, gold, and diamonds.

Davis said that South Africa is actively introducing foreign investment. The country's first national investment conference was held in its largest city of Johannesburg on Oct. 26. China pledged to invest USD14.7 billion and provide USD2.8 billion in loans to its power and logistics sectors.

Chinese firms have invested over USD10 billion in South Africa spanning the mining, locomotives, home appliances, automobiles, finance, real estate, and catering industries. Investment methods have expanded from traditional greenfield sites to equity acquisitions. More than 50 Chinese companies have built factories in the country, including appliance maker Hisense and carmakers Beijing Automotive Industry Holding and FAW Group.

As the most highly industrialized economy in Africa, mining, manufacturing, agriculture and services make up four pillars of the country's economy.

China and South Africa are closely linked in terms of trade. The bilateral trade volume rose 11.7 percent to USD39.2 billion last year, hitting a record high. The nation has been China's largest trading partner in Africa for eight consecutive years, while China has been South Africa's largest trading partner for nine straight years, according to data from the Chinese commerce ministry.

Editor: William Clegg

Follow Yicai Global on
Keywords:   South Africa,Auto, Investment,Trade,Loan,Red Tea,Diamond,GOLD