17 novembre, 2010

China, South Africa Sign Trade Agreements

China and South Africa have signed a series of energy and trade deals, with China seeking to secure the minerals needed to fuel its rapidly growing economy.

Chinese Vice President Xi Jinping and South African Deputy President Kgalema Motlanthe signed the agreements Wednesday as they co-chaired a bilateral trade commission in Cape Town.

Motlanthe told reporters that South Africa’s economic growth depends on the support of partners, such as China.

China is South Africa’s largest trading partner, with trade between the two last year totaling about $16 billion. South Africa exports an estimated $5.5 billion a year in materials to China.

China has invested tens of billions of dollars across Africa during the past decade as it seeks materials and markets.

Xi arrived in South Africa Tuesday for a three-day visit. Xi will also travel to Angola and Botswana in visits aimed at securing energy and resource deals.

Some information in this story was provided by AFP and Reuters.

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