Translation Tuesday: Hunan invites companies to invest in South Africa

Author: Zhou Yuegui
Translator: Joseph Webster
Published on: 09/22/2014
Source: Hunan Daily
Original text (in Chinese): http://epaper.voc.com.cn/hnrb/html/2014-09/22/content_882276.htm?div=-1 

On September 19, the South African Embassy in China and the Provincial Business Council Changsha conducted a public hearing “Hunan Province and South Africa Economic Cooperation and Investment Opportunities Summit.” South Africa’s ambassador Langa and his party introduced the country’s investment environment and opportunities, and cordially invited Hunan businesses to invest in South Africa.

Hunan and South Africa’s trade relationship has steadily developed in recent years. According to the Department of Commerce’s statistics, in the year 2013, Hunan and South Africa imports and exports totaled $22.3 billion which was an increase of 40.0 percent and accounted for one tenth of the province’s total imports and exports. Through August of this year, Hunan’s Department of Commerce had approved six companies to invest in South Africa, with investment contracts from the Chinese side totaling $15.88 million.

A Department of Commerce official stated that the South African and Hunan economies are highly complementary, with much room for further cooperation. On the one hand, South Africa is wealthy in mineral resources, possibly providing the iron, manganese ore and other mineral resources that Hunan needs. On the other hand, Hunan’s engineering machinery, automobile manufacturing, and other advantages in products and technological services are in high demand in South Africa.

The South African embassy’s Political and Economic attache Gcoyi explained that South Africa had established Chinese-style Special Economic Zones, set up many industrial parks, assembled new energy sources, manufactured cars, produced jewelry, and other services. To firms operating in the industrial parks, the South Africa government gives preferential treatment with regard to finance, taxes, production equipment, customs, and other related policies. Hopefully, in cooperation with Hunan, new breakthroughs will be achieved in South Africa’s developing industries such as new energy, car manufacturing.