Zhejiang, South Africa ink $268m deals at business forum

Che Jun, Party secretary of Zhejiang province, signs a friendly cooperation project with Phumulo Masualle, premier of Eastern Cape province in South Africa, at a business forum on June 15. [Photo/zjol.com.cn]

Zhejiang province in East China is well placed to strengthen its partnership with South Africa, according to speeches made at a business forum held in Port Elizabeth, one of the largest cities in South Africa, on June 15.

The China (Zhejiang)-South Africa (Eastern Cape) Business Forum, a part of a Zhejiang delegation's tour of African countries, saw representatives from Zhejiang and South Africa meet to discuss how to tap the potential in bilateral investment and bring new opportunities for trade and economic cooperation between the two sides.

During the forum, a cooperation agreement was signed between Zhejiang and the province of Eastern Cape, where Port Elizabeth is located.

In a sure sign of the ever-closer economic ties, a total of seven joint projects worth over 1.73 billion yuan ($268 million) relating to agricultural products, medical facilities and cross-border e-commerce were agreed upon.

The economic development of China and South Africa is highly complementary with each other and has great potential for cooperation, according to Che Jun, Party secretary of Zhejiang.

He said that Zhejiang will further expand imports of South African products and encourage more South African companies to invest and start businesses in the province, in its attempt to elevate bilateral ties.

Phumulo Masualle, premier of Eastern Cape, said that the province is very optimistic about the future development of Zhejiang, and the two parties should forge closer ties in the automobile, agriculture, maritime economy and tourism sectors.