Invest in continent, Zuma tells forum

South African President Jacob Zuma is calling for more Chinese investment in Africa.

Speaking at the 2nd Investing in Africa Forum in Guangzhou, he told delegates that China's companies should prioritize investment on the continent.

"We encourage the Chinese business community to further explore opportunities in South Africa and Africa," he said.

"All African countries have in their own way put up plans to attract investment, and I urge all investors gathered here today to look at all African countries for their next investments."

South African President Jacob Zuma says at the 2nd Investing in Africa Forum in Guangzhou that Africa is a willing business partner for China . Photos Provided to China Daily

He also told the forum, where $2.5 billion of deals were agreed between China and African concerns, that Africa was a willing business partner.

"Our message is clear. Africa is open for business. Africa is open for partnerships with China in a big way. A lot of economic interaction is already taking place between China and Africa with good results."

Chinese Vice-Premier Ma Kai told the forum, which was also attended by representatives from 38 African countries, including Benin President Patrice Talon, that the government still wants Chinese companies to reach out to Africa.

"We will continue to encourage Chinese enterprises to expand their investments in Africa, following the principles of mutually beneficial cooperation, as well as green and sustainable development," he said.

"Chinese investment aims to help African countries increase job opportunities, protect the environment and improve people's livelihoods."

Zuma praised President Xi Jinping for reaffirming China's commitment to the continent by announcing a tripling of aid to $60 billion at December's 2nd Forum on China Africa Cooperation in Johannesburg.

He said the FOCAC ministerial meeting in Beijing in July was an opportunity to take stock of how this money would be spent.

He said one of such projects is likely to be the Moloto Rail Development Corridor linking Gauteng and Mpumalanga provinces in South Africa.

"We are pleased that some of the projects are getting off the ground in South Africa and other countries on the continent," he said.

Zuma said that, despite the commodities recession, many African economies were remaining resilient. He reported that South Africa's GDP had grown 3.3 percent in the first half of the year, ahead of the 2.7 percent forecast by economists.

"It is clear that our economy is resilient and has the potential to grow even more despite the significant domestic and global headwinds it faces," he said.

He added that the development of manufacturing on the continent, which was one of the themes of the forum, was the key to its economic future.

He said South Africa was setting up special economic zones that were pioneered by China in the 1980s, where companies would be given tax allowances, employment incentives and a customs-controlled area.

"As we re-ignite our economy further, we are putting our efforts on industrialization," he said.

andrewmoody@chinadaily.com.cn

(China Daily Africa Weekly 10/28/2016 page7)