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Traditionally strong in the mining and manufacturing sectors, South Africa plans to sell more of its value-added products into China. And it sees – held in Changsha, the capital of Hunan Province – as a platform to do just that.
Charles Manuel, Minister Counselor of Economics at the South African Embassy to China said the Expo is a "fantastic" opportunity for African countries to really move away from the traditional sectors of trade.
"It gives us an opportunity to promote more value-added products into the Chinese market, and I think that would also help us to change the structure of trade we currently have with China," Manuel told CGTN.
"Like most other countries we want to take advantage of China's policy to grow consumption. We have a variety of products of very good quality that we are currently selling into markets such as the U.S. and EU where we have excellent market access arrangements, and we really want to introduce these fantastic products to the Chinese consumers."
Manuel said the trade relationship between South Africa and China is merely "scratching the surface."
"Our leaders have signed multiple agreements; I think it's now time for the private sector to really engage with China so that we can maximize the foundations made by our leaders."
China has been South Africa's largest trading partner for the last consecutive ten years. South Africa is also China's largest trading partner within the African continent.
According to the China Council for Promotion of International Trade, Chinese investment in South Africa stood at 13 billion U.S. dollars by the end of 2017. South African investments in China came in at 700 million U.S. dollars.
Manuel cited continued opportunities for South Africa's stronghold in mining technologies and services, financial services, and tourism to further penetrate China.
"Our big companies like Standard Bank has joined forces with ICBC. I believe there's a huge opportunity for us. South Africa is very strong in tourism, and I think we can do a lot with China with regards to exchanges, investments in the tourism sector," he said.
"South Africa has a very strong company in the petrochemical sector and chemical sector called Sasol. In fact, in July, Sasol will open the third plant in Nanjing, and that is also our way of showing that investment is a two-way stream, as much as China invests into South Africa, South Africa also has the capacity and companies to equally invest into China."
Meanwhile, Manuel reaffirmed South Africa's stance where it subscribes to the multilateral trading system, noting it should be fiercely protected.
"Africa at this point in time needs global growth and I believe this level of protectionism is jeopardizing global growth, and it will impact our development as well," he said.
"So we really wish that it could get to a conclusion of these trade disputes so that we can actually maximize the opportunities for Africa that is global growth can offer."
(CGTN)
