Chinese companies pledge to invest in South Africa

Chinese enterprises joined their counterparts from other countries in pledging to invest in South Africa during the South African Investment Conference held in Johannesburg on Tuesday.

At the conference, attended by around 1,200 delegates from more than 50 countries, South Africa secured $52.34 billion in investment pledges from companies from China, Cyprus, the United Arab Emirates, India, Turkey, Germany, the United Kingdom, Russia, and the United States. In addition, the multilateral New Development Bank pledged to invest $2 billion in various projects during the 2026-2027 period.

South Africa's President Cyril Ramaphosa said the 2026 investment pledges from 22 source markets are expected to create more than 230,000 permanent jobs. "The cumulative value of the pledges made at this conference is the highest we have achieved since the first South Africa Investment Conference. It is also the highest number of projects," he said. "We are open for business, and we have positioned South Africa as a more conducive place to invest your money."

Ramaphosa assured investors that the country has improved the ease of doing business and will continue to implement further reforms.

Alan Mukoki, chief executive officer of the South African Chamber of Commerce and Industry, welcomed the investment pledges, saying they would help the country to tackle challenges such as low economic growth, unemployment, inequality, and poverty.

Mukoki said the South African business community has been actively engaging the international community to encourage investment in the country. While the country has made significant progress in improving the investment environment, further improvements are still needed, he added.

China will start allowing goods from the 53 African countries with which it has diplomatic relations to enter its market duty-free as of May 1, 2026.

South Africa has signed the Framework Agreement on Economic Partnership for Shared Prosperity with China to boost Chinese investment and increase South African exports.

Parks Tau, South Africa's minister of trade, industry, and competition, said the government aims to take advantage of the arrangement to increase exports to China and added that negotiations are ongoing with Chinese counterparts to align standards and fast-track trade between the two countries. He also said South Africa expects increased investment from China not only in the country, but also across African countries.