S. Africans Eye Post-WTO Chinese Market

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Last updated at: (Beijing Time) Friday, May 09, 2003

S. Africans Eye Post-WTO Chinese Market

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China's entry into WTO has made the economy more attractive to foreign investors, including South Africa, China's largest trading partner in Africa, a high-ranking government official said in Johannesburg Thursday.

Essop Pahad, minister in the Office of the President, said at African-Asian Society Conference that China's entry into the WTO would encourage Chinese business to expand into foreign markets, including South Africa.

After 13 years of negotiation, China became a full member of WTO on Dec. 11, 2001. It laid a milestone in the development of China's economy and foreign trade and cast an unprecedented great impact on all fields of China's economy.

"Not only possessing a rapidly growing market, China is also a strong proponent of South-South cooperation and a key country withwhich South Africa can cooperate to promote the agenda of the developing world within multilateral organization," he said.

The one-day conference, which focuses on the theme of Business Strategies for China Post-WTO, attracted more than 100 South African business people, bankers and investors, who have shown their great interest in the vast Chinese market with a population of 1.3 billion.

"Bringing together decision-makers from both countries within one forum can only serve to promote the growth of bilateral commerce between South Africa and the People's Republic of China,"the South African minister said.

He said that the growing trade between the two countries show that South Africa exports to China now constitute a higher percentage of imports from China.

Since the establishment of diplomatic ties between China and South Africa on Jan. 1, 1998, bilateral trade has developed in very positive and strong momentum. The bilateral trade has grown from 1.56 billion dollars in 1998 to 2.58 billion dollars in 2002.

Liu Guijin, Chinese ambassador to South Africa, said at the conference that there are many business opportunities for South African companies after China's entry into WTO, adding South Africa is the top trading partner of China on the African continent with the bilateral trade volume holding 20.8 percent of the total volume between China and Africa.

So far China has established more than 80 companies in South Africa involving a total investment of 200 million dollars and more investment is in the pipeline. South African companies are now engaged in more than 70 investment projects in China with a contractual value of 300 million dollars, covering a wide range offields from harbor construction, beverage manufacturing to textileand building materials.

Grant Leech, marketing director of SAB Miller, said at the conference that his company has purchased 30 beer factories in China and two more are under negotiation. However, he declined to reveal how much investment his company has made in China. But he said that his company made profit from the first year of investment.

Sasal's Executive Director J H Fourie said that his company hasbegun negotiations on multibillion dollar project from coal to liquids with the Chinese government. His company will evaluate potential opportunities in China on the same basis as other international opportunities.

He Yimin, general manager of China Construction Bank Johannesburg Branch, said at the meeting that as a Chinese bank that has operation now in South Africa, his bank is well positioned to help the achievement of the strategic target of those entrepreneurs who have had business strategy on China.

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