China-African Business Forum: Agreements worth a value of $16.5 billion have been signed
Minister Davies said this during the closing session of the Forum on China-Africa Cooperation (FOCAC) Business Forum held at the Sandton Convention Centre in Johannesburg.
The business forum was attended by about 400 business people from Africa and China, whose representatives gave reports emanating from the outcomes of the forum.
The business forum was held under the theme China-Africa Cooperation for Common Development.
Representing South African businesses, Black Business Council Chief Executive Mohale Ralebitso said the forum was important as it enabled participation of business leaders, academics and senior government officials from Africa and China.
He said discussions were around industrialisation, financial services, infrastructure, agro-processing and manufacturing among others.
Ralebitso said the meeting also discussed the potential to localise Chinese investment with equity share options and revisiting investment models in the beneficiation of resources.
He urged African governments to explore investment opportunities in China and make the Chinese market more accessible.
More than 85% of Africa’s exports were raw commodities, and this did not suit the partnership that Africa and China wants. Ralebitso said this came about as a result of colonialisation of African countries.
“Our continent leaders need to invest in infrastructure to make our economies more receptive for Chinese investment, as we will need that infrastructure to accelerate our skill to market as opportunity waits for no one.
“China has spent more than $40 billion in infrastructure across Africa,” he said.
The meeting noted a lack of funding in beneficiation and suggested that processing of raw materials should be done in the continent.
Source: South African Government News Agency