China, SA SOC’s to collaborate on infrastructure
Representatives of South Africa’s Department of Public Enterprises and China’s State-Owned Assets Supervision and Administration Commission (Sasac) on Tuesday signed a memorandum of understanding (MoU) to commit the countries’ State-owned companies (SOCs) to explore joint ventures and development opportunities in Africa.
The deal would forge strong partnerships between South African and Chinese SOCs, as well as with SOCs in other African countries, for investments in infrastructure and other development projects, Public Enterprises Minister Malusi Gigaba said.
“ … through these partnerships we can leverage each other’s strengths and build complementary and sustainable economic relations for Africa’s development,” he said, noting that both countries’ SOCs possessed complementary strengths.
SOC’s were “key instruments” to socioeconomic development and industrialisation through the provision of infrastructure, skills development, the creation of new employment opportunities, improving access to basic services and reducing poverty.
“We recognise the important role that SOCs play in the economies of our respective countries, as well as the potential benefit of cooperation and partnership between these SOCs,” Gigaba emphasised.
The framework would guide the interaction between South Africa and China and would allow for the monitoring of the progress made on mutual commitments.
The MoU was also an attempt to give impetus to the 2010 Comprehensive Strategic Partnership signed to strengthen political and economic relations and improve the current trade structure between the two countries.
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