The Strategic Cooperation Agreement (SCA) signed by National African Federated Chamber of Commerce & Industries (NAFCOC) with the Shanghai Pudong New Area General Chamber of Commerce (SPNA GCC) earlier in the week is set to be a gamechanger.
The signing of the agreement in Sandton was witnessed by a high-powered 14 member Chinese delegation representing the public and private sectors as well as several large corporates and senior officials from Shanghai, including 40 companies from South Africa.
“The ground breaking agreement with leaders in scientific and technological innovation will assist our businesses to modernize in order to leapfrog towards a digital economy as well as develop artificial intelligence and e-commerce industries,” highlighted NAFCOC Mpumalanga President, Thamsanqa Gay Mokoena.
Mokoena, who signed the SCA on behalf of NAFCOC with the Vice President of SPNA GCC,Ms Yao Quing, pointed out that his organization is a business chamber that is made up of members who were excluded from the mainstream economy in the past.
“The conclusion of the agreement that followed a Trade and Investment Promotion Meeting hosted by NAFCOC that was aimed at facilitating trade, investment, export and imports between South African and Chinese businesses has paved the way for NAFCOC to partner with Chinese entrepreneurs in order to increase bilateral trade between South Africa and China,” he stressed.
He mentioned that it guarantees that new trade and economic development initiatives between China and South Africa will include the historically marginalized in keeping with Chinese President Xi Jinping’s philosophy that the modernization of the economy must be inclusive.
Mokoena underscored that for a very long time, South Africa has lived with the logo “Made in China”.
“The success of the Hisense model that trained and employed 700 workers at its plant in the Western Cape currently producing 1700 television sets and 1000 refrigerator units per day to become the largest TV production facility in sub-Saharan Africa has demonstrated that we can live with “Made in China” but also enhance “Made in (South) Africa,” he stressed.
He added that NAFCOC is committed to work with Chinese investors to grow such a growth model further, expanding cooperation to sectors such as agriculture as a follow-through to the recent trade mission undertaken by the South African government that was led by President Cyril Ramaphosa.
“We applaud that President Jinping has encouraged South Africa to expand its exports of high quality agricultural and other products to China. The ball is now in our court to increase our exports to China,” he concluded.
According to the agreement, both chambers have committed to provide each other with trade promotion projects, local business and trade information, market demand and labour resources information, as well as preferential investment policies, to facilitate and support economic activities for members of their respective chambers.
The partnership includes support for each other’s investment attraction activities and progressively sharing of resources of established friendly chambers and cooperative units as well as organizing of mutual learning and experience-sharing.
It also provides for exploring new paths for cooperation in project collaboration, external liaison, enterprise culture building and personnel training.
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