Green shoots sprout in deals with South Africa

08:25, August 25, 2010      

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China will broaden cooperation on conventional and clean energy with South Africa, according to reports during President Zuma's four-day visit, the 21st Century Business Herald said Tuesday.

China was expected to sign a series of memoranda with South Africa Tuesday, including deals with PetroSA and Shanduka Group, a solar power firm, the paper said.

South Africa hopes to enhance cooperation in solar panel manufacturing and new energy sectors, South Africa's Trade and Industry Minister Rob Davies said Tuesday

China National Nuclear Corp (CNNC) is in talks over building a nuclear power plant in South Africa. Negotiations involve the potential transfer of nuclear technology to South Africa, a move to deal with the country's electricity supply shortage, according to Dow Jones Newswires.

Last month, China's Shenhua Ningxia Coal Industry Group signed a contract with the South Africa-based Foster Wheeler International Corporation to build a coal-to-oil plant in Northwest China's Ningxia Hui Autonomous Region. The total investment is expected to reach between $8 -10 billion.

Zuma started his official four-day visit Monday, accompanied by 13 ministers and a delegation of 370 business people, the largest group to travel with a South African president ever.

Trade ties between the World Cup host and World Expo host have grown rapidly in recent years. In 2004, China and South Africa established a strategic partnership. Four years later, China became South Africa's largest trade partner mainly through trading resources and industrial products.

According to the Chinese Deputy Commerce Minister Gao Hucheng, bilateral trade volume has reached $10.8 billion this year, increasing 56 percent compared to the same period last year.

South Africa's investment in China was $580 million by the end of June, while Chinese non-financial investment in South Africa reached $960 million at the same period.

By Li Woke

Source: Global Times


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