The Department of Trade, Industry and Competition (the DTIC) will fund 35 South African companies through the Export Marketing and Investment Assistance (EMIA) group scheme to participate at the China International Import Expo (CIIE) 2024.
The trade fair extravaganza will take place in Shanghai, from November 5 to 10.
The DTIC said South Africa is participating in this event to showcase products and services from local companies to potential buyers in China and from across the globe.
“The trade show also exposes South African companies to the culture of doing business with Chinese enterprises,” the department added in a media advisory.
Deputy Director-General of Exports at the DTIC, Lerato Mataboge said the 35 participants this year will represent a range of sectors, including agro-processing and agriculture; textiles, clothing and leather; oil and gas; the rail industry; electro-technical; chemicals; metal fabrication; ICT and mining.
“The exhibition is aligned with our strategic objectives of advancing South African exports through assisting new and existing South African exporters to penetrate international markets. The CIIE 2024 is one of the leading import-themed fairs in China, and a key platform to profile our offerings to South Africa’s largest trading partner and the second largest economy in the world,” she said.
“The Chinese economy is seeing increasing levels of consumption, which also reflects growing potential and demand for certain imported products.”
For the past 15 years in a row, China has been the largest trading partner not only for South Africa, but also for the Africa continent. On the other hand, South Africa has now been China’s largest trading partner in Africa for 14 years straight.
When Chinese Ambassador to South Africa Wu Peng arrived in Pretoria early this year, he emphasised that he would work tirelessly to facility two-way trade between the two nations, as Beijing opens up for more South African products.
“From January to May this year, our bilateral trade reached $23.5 billion (around R417.05 billion). South African exports to China were $15.3 billion (R271.54 billion), up 14% year-on-year,” he said.
The former director general of China’s Department of African Affairs in the Foreign Ministry and also former ambassador of China to Kenya said South African wine, rooibos tea, aloe gel, and other quality products are now very popular on the vast Chinese market.
“Actually, before I came here, I saw rooibos tea in a five-star hotel in China. It costs you 60 yuan to get a cup, which is roughly R150. Of course, I bought myself a cup. It tastes really nice but R150 is a little expensive. That is why I think China should import more rooibos tea and bring the price down, so that more (people) can enjoy rooibos tea in China,” he said.
“The Chinese government is committed to advancing high-level opening-up. We are ready to share our mega-sized market with all countries, including South Africa. It is estimated that by 2035, China will have 800 million people in the middle-income group,” he said.
In May 2017, Chinese President Xi Jinping announced at the Belt and Road Forum for International Cooperation that China will hold China International Import Expo (CIIE) starting from 2018.
The mega trade fair gives firm support to trade liberalisation and economic globalisation and actively opens the Chinese market to the world.
“It facilitates countries and regions all over the world to strengthen economic cooperation and trade, and to promote global trade and world economic growth in order to make the world economy more open,” the CIIE said on its website.
“The Chinese government sincerely welcomes government officials, business communities, exhibitors and professional purchasers across the world to participate in CIIE and to explore the Chinese market. We would like to work with all countries, regions and international organizations to make CIIE a world-class expo, providing new channels for countries and regions to do business, strengthen cooperation and promote common prosperity of the world economy and trade.”
With the world's largest population, China is the second largest economy, as well as the second largest importer and consumer in the world. China is at a stage where consumption keeps rapidly increasing, posing enormous potential for the growth of consumption and imports.
The CIIE said in the next five years, China is expecting to import products and services valuing more than $10 trillion which provides “a historic opportunity for enterprises across the world to enter the huge Chinese market”.
IOL