The South African National Civic Organisation (SANCO) on Tuesday welcomed China’s investment of R196 billion as a financial injection that will stimulate South Africa’s economic growth.
Trade cooperation agreements signed by South Africa’s President Cyril Ramaphosa and Chinese President Xi Jinping for the investment are to benefit the Infrastructure, ocean economy, green economy, science and technology, agriculture, environment, as well as finance sectors.
“Strengthening partnership with the world’s leading economy and reliable trade partner has afforded South Africa with opportunities to increase its exports, accelerate infrastructure delivery, economic recovery and job creation,” highlighted SANCO National Spokesperson, Jabu Mahlangu. Mahlangu expressed hope that skills development will be part of the package to contribute towards youth development while addressing the country’s skill deficit.
He commended government’s investment drive which has gained momentum since President Cyril Ramaphosa announced his target to raise $100 billion over the next five years. “We challenge the business sector to match foreign investor confidence which is on the rise with domestic investment,” he said.