China to invest $15 billion in South African economy

PM Narendra Modi to address BRICS Summit in South Africa hold talks with Vladmir Putin Xi Jinping

China to invest $15 billion in South African economy

South African President Cyril Ramaphosa called for thorough discussions at the summit on the role of trade in promoting sustainable development and inclusive growth.

"We have signed several agreements and memorandums of understanding that are meant to further deepen our relations, including investment commitments that have been struck to the value of U.S.$14.7 billion", Ramaphosa said.

The meeting of presidents from the trade bloc is the first since Trump's administration launched a push to rebalance trade multilateralism that Trump has deemed unfair - relationships that the United States once championed.

Beijing this week sharply rejected accusations by Mr Trump that it was manipulating the yuan to give its exporters an edge, saying Washington appeared determined to provoke a trade war, according to AFP.

South African President Cyril Ramaphosa today announced that China would invest US$14 billion in the country after he held talks with President Xi Jinping in Pretoria on the eve of a multilateral summit.

The BRICS group, comprising more than 40 per cent of the global population, represents some of the biggest emerging economies, but it has struggled to find a unified voice.

Last week, President Trump said he was ready to impose tariffs on all goods imported from China - worth $500bn (£380bn). China has a strong presence in Africa.

South Africa's trade and industry minister Rob Davies said other investments planned by China included an expansion of electronics firm Hisense's local operations and a metallurgical complex in Limpopo province.

"They come with the national interests of their countries".

"With India we signed a loan of $100 million for irrigation in three separate areas in the country and $100 million for developing special economic zones", Rwanda's minister of finance Uzziel Ndagijimana told Reuters.

Analysts say U.S. trade policy could give the group renewed unity. The summit runs through Friday with various heads of BRICS attending.

The two leaders took the opportunity to "strengthen the comprehensive strategic partnership" between the two Brics nations as they signed several agreements and memorandums of understanding "intended to deepen relations". He cited the country's ranking at 21 on the World Bank's Doing Business 2018 report and Transparency International's Corruption Perception Index 2016, on which the UAE is ranked as the 24th least corrupt out of 176 assessed economies, as potential reasons.

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