Speaking to media on Wednesday (23 August 2023), Song Lei, the chairperson of the China Africa Development Fund, said China would invest more in SA if BEE is relaxed. He added that SA’s tender process could be streamlined too, reports MyBroadband.
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Lei signed a memorandum of cooperation with South Africa on behalf of China on various energy issues. The deal ensures extensive cooperation in the department, but he also had a word of advice for SA policy makers. If and when BEE is relaxed in the country, China would invest even more into SA.
WHAT IF BEE IS RELAXED?
Taking place on the sidelines of the 15th BRICS Summit, the Chinese-SA cooperation saw delegates from China’s grid, nuclear and renewable energy sectors meeting SA counterparts.
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It announced a R500 million investment and equipment donation to South Africa. However, China implied it would do even more, more speedily, if and when BEE is relaxed. “Relaxing BEE policies in the transmission and distribution sectors can lead to stringent cooperation,” said Lei to journalists at the BRICS Summit.
EMERGENCY EQUIPMENT
As part of China’s energy care package to SA, Electricity Minister Kgosietsho Ramokgopa said more than 550 petrol and diesel generators and battery packs were en route to assist during loadshedding.
MANUFACTURING DEALS
Also at the BRICS Summit, South Africa’s Minister of Trade, Industry and Competition, Ebrahim Patel, signed two important agreements, according to the DTIC website.
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South Africa and the Industrial Development Corporation (IDC) signed agreements to facilitate large-scale funding. These are in the spheres of investment and development at the BRICS Manufacturing Forum. Agreements were concluded between the DTIC and China Africa Development Fund (CADF).
The 15th BRICS Summit in Johannesburg takes place from August 22-24 2023 at the Sandton Convention Centre. We will bring you all the most significant news as it takes place.
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Source: https://www.sapeople.com/business/china-promises-more-investment-in-south-africa-if-bee-is-relaxed/
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