Trade and Industry Deputy Minister Mzwandile Masina has invited Chinese companies to partner with and invest in South African firms to enable the beneficiation of raw materials in South Africa prior to their export.
“We are creating an economy that is about a methodical expansion of our industrial base through value addition from which employment opportunities will be created and sustainable economic growth could be realised.
“The manufacturing sector, which is a central pillar of the industrialisation programme, is a key area that offers vast opportunities for the Chinese,” he commented at an investment seminar in Shanghai, China, this week, where he was leading a delegation of 59 South African businesspeople on the fourth leg of the South African Expos in China.
To further woo investment, Masina outlined that the South African government had committed R800-billion to infrastructure development over the next three years, focusing on rail, roads, energy, water, sanitation and the communication sectors throughout the country.
“China is a strategic partner to South Africa that can contribute greatly to the industrialisation and modernisation of the economy. Investing in [the country] is advantageous because of the policy environment that incentivises investments,” he noted.
The Deputy Minister hastened to add, however, that adherence to broad-based black economic-empowerment (BBBEE) criteria would be a critical element of any investment proposal.
“We are encouraged by the interest shown by the Chinese businesspeople to invest in South Africa and welcome investments that will result in an inclusive economy and contribute to the creation of jobs… but remember BEE is the name of the game,” he advised.
Masina advised Chinese businesspeople to approach government if they needed guidance in terms of compliance with BBBEE.
“We want to make South Africa your home away from home, but you need to comply with our regulations,” added Masina.