Ramaphosa to step up investment drive as he embarks on China state visit

President Cyril Ramaphosa. (Themba Hadebe, Pool, AFP)
President Cyril Ramaphosa. (Themba Hadebe, Pool, AFP)

President Cyril Ramaphosa on Friday departed for a State visit to the People's Republic of China (PRC), hosted by Chinese President Xi Jinping in Beijing.

"The President will position South Africa as an attractive destination for Chinese investors while facilitating opportunities for South African enterprises to engage in the Chinese economy through trade and investment," spokesperson Khusela Diko said in a statement early on Saturday morning.

Ramaphosa's visit to the PRC was at the invitation of President Xi Jinping and reciprocates President Ramaphosa's hosting of his counterpart on a State visit on the eve of the Brics Summit in Johannesburg on July 24.

Ramaphosa would take the opportunity during his visit to step up his drive to attract investment in the South African economy to stimulate inclusive growth and employment, Diko said.

During his visit, Ramaphosa will also meet with Premier Li Keqiang and attend the welcome ceremony hosted by President Xi Jinping at the Great Hall of the People, as well as attend and co-chair the Forum on China-Africa Cooperation Summit on September 3-4.

Diko said the visit will commence with Ramaphosa laying a wreath at the monument of the people's Heroes in Tiananmen Square, in remembrance of those who lost their lives in the Chinese people's wars for independence and freedom.

The rand has been increasingly erratic over the last month, and faces a 9% drop during its worst monthly performance in over two years.

The notoriously volatile currency has traded between R13.18 and R15.55/$ during August amid thin liquidity, with many northern-hemisphere market participants on summer vacation.

Diko added that Ramaphosa was hoping to mobilise Chinese financing for infrastructure development and promote South Africa as a desirable tourism destination.

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