Magwanishe was speaking at the opening ceremony of the South African headquarters of the China Overseas Infrastructure Development and Investment Corporation (COIDIC) in Johannesburg on Wednesday, 26 April 2017

JOHANNESBURG, South Africa, April 27, 2017/APO/ -- 

The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe says South Africa has identified infrastructure development as a critical priority for the country in order to boost economic growth. Magwanishe was speaking at the opening ceremony of the South African headquarters of the China Overseas Infrastructure Development and Investment Corporation (COIDIC) in Johannesburg on Wednesday, 26 April 2017.

COIDIC will be involved in the planning, designing, financing and construction of infrastructure projects across Africa in the energy, transportation, and Information and Communication Technology (ICT) sectors. This will be in line with China’s Belt to Road initiative which emphasises international cooperation on infrastructure development.

“South Africa has placed the development of infrastructure as a critical priority. Eighteen ambitious infrastructure development projects have been prioritised by the government. We deem these projects to be effective game-changers in that they will enable new economic activity on a significant scale that will stimulate the country’s economic growth in line with our developmental objectives,” said Magwanishe.

South Africa has placed the development of infrastructure as a critical priority

He reiterated that the South African government did not view the country’s development in isolation from that of the rest of Africa.

“The SA government has prioritised the integration of the African continent. This integration is premised on infrastructure development, industrial development and market integration. We support regional integration which should locate Africa as a critical player in the global economy. In this regard, COIDC’s public-private partnership model augurs well for the meaningful participation of African governments and the private sector in changing the economic and social trajectory of the African continent,” said Magwanishe.

He added that the SA government was encouraged by China’s position on the continent and expressed optimism that COIDIC’s initiatives would contribute significantly in strengthening sustainable trade and investment relations between Africa and China.

“We are encouraged by People’s Republic of China’s commitment to invest in infrastructure development projects through COIDC. We need to ensure that our trade and investment relations have an optimal developmental impact. Investment in infrastructure will be a key driver in enabling this developmental impact. We view developmental integration as a fundamental precursor to the economic growth and rise of the African continent,” stressed Magwanishe.

He said Trade Invest Africa, which is located at the Department of Trade and Industry (the dti), was well-poised to working with COIDIC and the South African businesses to build manufacturing capacity and infrastructure in SA and the rest of the continent.

Distributed by APO on behalf of The Department of Trade and Industry, South Africa.