China to invest $14b in South Africa

26 July, 2018, 10:41 | Author: Mable Gonzales
  • FILE Indian Prime Minister Narendra Modi

After a meeting between Ramaphosa and Chinese President Xi Jinping in Pretoria earlier on Tuesday, a framework agreement of $3 billion on financing and insurance cooperation between China Export and Credit Insurance Corp. and Standard Bank was announced.

"We should be resolute in rejecting unilateralism", Xi said at the opening ceremony.

India's Prime Minister Narendra Modi arrived on Monday on the way to a summit in South Africa and agreed $200 million in loans.

"It is hard to deny that the global market sentiment continues to be manipulated in large extents by the trade war uncertainties, which many think represent the largest risk to the world economy since the global financial crisis", Global Head of Currency Strategy and Market Research at FXTM Jameel Ahmad told AFP.

PM Modi arrives in Johannesburg on Wednesday for a three-day BRICS meeting to discuss U.S. trade war.

"We have signed several agreements and memorandums of understanding that are meant to further deepen our relations, including investment commitments to the value of $14 billion", Ramaphosa said, standing beside Xi.

Last week, President Trump said he was ready to impose tariffs on all goods imported from China - worth $500bn (£380bn).

Seoul needs sanctions exemption, official says-INSIDE Korea JoongAng Daily
Dr Narang says Mike Pompeo's experience in North Korea indicates that the country will be working on their own timetable. Trump had said Kim promised to dismantle the engine-testing site at the Singapore Summit in June.

In the face of growing protectionism globally, South Africa needs to focus on being more competitive rather than fixating on external factors, Fuzile said.

The BRICS group, comprising more than 40 per cent of the global population, represents some of the biggest emerging economies, but it has struggled to find a unified voice.

Analysts say its members have struggled to find a unified voice, but their common opposition to U.S. trade policy could help to galvanise them.

Sreeram Chaulia, of the Jindal School of International Affairs outside Delhi, told AFP that BRICS leaders "concur that the USA has unleashed punitive trade wars that are hurting all the BRICS members".

Mr Chin, the inaugural Milken Institute Asia fellow, was talking ahead of the two-day Milken Institute Mena Summit held in Abu Dhabi in February. "Economic hegemony is even more objectionable, because it will undermine the collective interest of the global community". The summit runs through Friday with various heads of BRICS attending.

BRICS is an acronym of five emerging national economies Brazil, Russia, India, China and South Africa and it was coined by a Goldman Sachs employee named Jim O'Neill.

He is also expected to meet several leaders including Chinese President Xi Jinping.

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