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South Africa: China and South Africa sign energy deal

By Wendell Roelf

CAPE TOWN (Reuters) – Chinese Vice President Xi Jinping signed an energy deal with resource-rich South Africa on Wednesday in a visit aimed at obtaining minerals the Asian giant needs to fuel its blistering growth.

signing energy dealChina is South Africa’s biggest bilateral trading partner and the focal point of its plan to divert more trade and investment from traditional markets in Europe and North America to the world’s fastest growing economies.

Xi, touted as China’s next president, had a three-day visit to Africa’s largest economy, which is seeking to reduce a deficit in trade with China that hit $2.7 billion last year, skewed in Beijing’s favour.

South African Deputy President Kgalema Motlanthe and Xi co-chaired the 4th China-South Africa bilateral commission and signed a number of agreements, including an energy deal.

Source: Reuters Image: Reuters

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