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BRICS investment in South Africa rises
May 2, 2013, 12:23 pm


The BRICS Summit in Durban boosted South Africa’s position in the BRICS with a number of deals signed by the African nation [PPIO]

BRICS investment and attention has turned unmistakably towards South Africa, claims department of trade and industry director-general Lionel October.

He revealed Chinese investors plans to spend R5 billion in South Africa this year.

The Chinese government is planning to coordinate a buying mission for their retail trading houses and state-owned enterprises in September, and was looking at spending R5 billion in provinces across the country, October was quoted by SAnews.

South Africa’s trade with its BRICS partners increased by 108 per cent between 2007 and 2011 while the country’s trade with the European Union (EU), only grew by 12 per cent during that same period.

The recently concluded BRICS Summit in Durban has boosted South Africa’s position in the BRICS with a number of deals inked by the African nation.

These included agreements signed with China for setting up a cement plant in Limpopo province, and another with Chinese conglomerate Cherry to explore the possibility of setting up ship repair and a small ship building facility in Richards Bay in KwaZulu-Natal.

Airports Company South Africa also recently entered into a joint venture with its Brazilian partner Invepar.

The joint venture won a R70 billion concession to overhaul and operate Guarulhos International Airport in Sao Paulo, Brazil’s busiest and most valuable airport.

The Industrial and Commercial Bank of China (ICBC), which has a 20 per cent share in South Africa’s Standard Bank, also agreed to invest its share of dividends over the next five years in local renewable energy projects.

October said the department’s Russian counterparts had agreed during talks at the Durban summit that they would send buying missions to look at expanding purchases of South African juices and other long-shelf-life food products.

India’s Action Group also signed an agreement with South Africa in March to set up an agricultural export hub at the Dube Tradeport in Durban.

The BRICS Post