Latest news with #WuPeng
IOL News
2 days ago
- Business
- IOL News
Strengthening trade ties: South Africa must evolve beyond a market for Chinese products
South Africa and China have taken a firm step toward strengthening trade ties, with both nations agreeing to speed up efforts to make trade smoother and more efficient. Image: Sars South Africa and China have taken a firm step towards strengthening trade relations, with both countries agreeing to accelerate efforts to make trade smoother and more efficient. This follows a meeting between Chinese Ambassador to South Africa Wu Peng, SARS Commissioner Edward Kieswetter, and International Trade Administration Commission (ITAC) Commissioner Ayabonga Cawe in Pretoria on Wednesday. China is currently South Africa's largest trading partner, having overtaken the European Union in 2023. Bilateral trade between the two countries reached US$34.18 billion last year, significantly outpacing the EU's US$1.34 billion in trade with South Africa. However, despite the growth in trade, experts and economists have raised concerns about an imbalance in the structure of the relationship. In his weekly letter last year, President Cyril Ramaphosa also noted the need to boost South Africa's manufacturing capacity and increase exports of value-added goods. "There is an imbalance in the structure of our trade. South Africa exports mainly minerals and agricultural products to China and imports largely manufactured products from China." Kieswetter also expressed a vision for a partnership that goes beyond South Africa serving merely as a market for Chinese goods, advocating for increased Chinese investment in manufacturing and assembly operations within the country. 'China, as the largest trading partner to South Africa, is ideally suited to strengthen this long-standing relationship. I would like to see the relationship grow not only with South Africa as a marketplace for Chinese products, but as a destination for assembly and manufacturing by Chinese investors. South Africa is also ideally suited as a strategic partner into the rest of Africa.' Meanwhile, Peng described the relationship as an 'All-Round strategic cooperative partnership for a new era. 'China attaches great importance to developing economic and trade relations between China and South Africa, which in recent years have made great progress. Trade, investment, and personnel exchanges between the two countries have been increasingly strengthened.' ITAC Commissioner Cawe highlighted concerns about the unstable global trade environment and its impact on supply chains and key markets. He pointed to the risks of rising inventories leading to trade diversion, particularly for a small, open economy like South Africa. 'We remain open to engagement with our Chinese counterparts in securing the participation and co-operation of their exporters and other interested parties in such investigations, as a key trade-related element in our bilateral relationship.'he said. [email protected] IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
IOL News
16-05-2025
- Business
- IOL News
Chinese Ambassador Wu Peng delighted over South Africa's avocado shipment to China
China's Ambassador to South Africa, Wu Peng, during a previous interview with IOL. Image: Supplied Ambassador of China to South Africa, Wu Peng has expressed delight after this season's inaugural shipment of South African avocados successfully reached Shanghai, in the People's Republic of China, bolstering the unparalleled bilateral relations. For more than a decade, China has been South Africa's largest trading partner. This position has been held by China since 2008, when it surpassed the United States. China is also South Africa's largest trading partner in Africa, with bilateral trade between the two countries accounting for a significant portion of China's total trade with the continent. Diplomatic relations between Pretoria and Beijing were established on January 1, 1998. Throughout the past 27 years, the two countries have deepened their wide-ranging bilateral relations, which have since been elevated to a Comprehensive Strategic Partnership and underpinned by a new 10-Year Strategic Programmes of Cooperation (2020-2029). Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Ambassador Wu Peng has expressed delight as this season's inaugural shipment of South African avocados successfully reached Shanghai, China. Image: Supplied Commenting on social media platform X, the Chinese ambassador said the arrival of the South African avocados for this season marks a milestone in the Pretoria-Beijing agricultural cooperation. "Delighted to witness the season's first shipment of South African avocados reaching China! A milestone in our agricultural cooperation," Wu commented on X. Delighted to witness the season's first shipment of South African avocados reaching China! A milestone in our agricultural cooperation. — 吴鹏 Wu Peng (@AmbWuPeng) May 15, 2025 Last year, IOL reported that President of the People's Republic of China, Xi Jinping, had unleashed one of the Asian giant's diplomatic heavyweights to South Africa as ambassador plenipotentiary, with a mission to escalate the unparalleled trade, economic and political ties, improve people-to-people relations and contribute to Pretoria's extensive job creation drive. IOL was granted the first opportunity to sit down with the affable ambassador, former director-general of China's Department of African Affairs in the Foreign Ministry, just days after he took the reins at the Embassy of China in South Africa. The former ambassador of China to Kenya said South African wine, rooibos tea, aloe gel, and other quality products are now very popular on the 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,' Wu told IOL during the interview last year. '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." Minister of Agriculture, John Steenhuisen. Image: Henk Kruger/Independent Newspapers On Thursday, IOL reported that Minister of Agriculture, John Steenhuisen, has expressed satisfaction with the South African avocado industry's proactive steps towards international market expansion. Steenhuisen's enthusiasm comes on the heels of the season's inaugural shipment of the avocados to China, marking a significant milestone for the sector. Among Steenhuisen's core priorities is the enhancement of market access for South African agricultural products. Understanding that market access is paramount for the profitability and sustainability of the agricultural sector, Steenhuisen on Tuesday insisted that the Department of Agriculture must play a pivotal role in expanding and establishing new markets. Steenhuisen said this 'early bird shipment' to China was a testament to the hard work, innovation, and strategic foresight within South Africa's avocado industry. 'South Africa is positioned as a major player in the global avocado market thanks to the investment made by businesses like ZZ2 in cutting-edge packhouses and nurseries, Core Fruit's well-established expertise in exports, and Mission Produce's global reach,' he said. IOL News
IOL News
30-04-2025
- Business
- IOL News
China eyes increase in South African agricultural imports, says Agbiz
The Agricultural Business Chamber of South Africa (Agbiz) believes that China wants to increase its imports of South African agricultural products. The Agricultural Business Chamber of South Africa (Agbiz) has expressed optimism over China's intentions to bolster its imports of South African agricultural products. This development comes on the heels of a recent statement from Wu Peng, the current Chinese Ambassador to South Africa, who emphasised the need for enhanced bilateral trade and economic cooperation through social media platform X. Peng further said that the Chinese government welcomes more South African agricultural and industrial products to enter the huge Chinese market. Wandile Sihlobo, chief economist at Agbiz, underscored the significance of such statements from Chinese officials, particularly regarding trade matters. 'China has profound importance in global agriculture. In 2023, China was a leading importer, accounting for 11% of global agricultural imports, with imports valued at $218 billion," he said. Sihlobo noted that Brazil, the United States, Thailand, and several other nations dominated the market as leading suppliers to China. Nevertheless, he emphasised that China was actively seeking to diversify its agricultural imports, a push that has gained momentum following the implementation of initial tariffs by the US in 2018 and will continue into 2025. 'South and Latin American countries, as well as Australia, have been the primary beneficiaries of China's diversification strategy so far. South Africa must also be part of this conversation. And what Ambassador Wu Peng raises — China's interest in South African agricultural products — is a starting point for a deeper trade conversation.' Sihlobo said that the first step will have to be for South African authorities to approach China to present a range of products that can be exported, and then to build from there. Currently, South Africa's footprint in the Chinese agricultural market is modest, accounting for only 0.4% (approximately $979 million) of China's imports. These exports include various fruits, wine, red meat, nuts, maize, soybeans, and wool. Sihlobo argued that there was ample opportunity for South African agricultural exports to expand significantly. 'The South African agricultural sector organised agriculture and researchers consistently point out the need to lower import tariffs in China and remove phytosanitary constraints on various products. There is now a pathway to have a productive conversation about this matter and move with speed.' Farming association TLU SA general manager, Bennie van Zyl, shared a positive outlook on the prospects of trading with international markets like China. 'I think it is very important to look at the sustainability of that. We also believe that all the necessary steps need to be taken but it's good news. We also feel that doing trade with China shouldn't break down existing markets as it was built over a number of years,' he said. Van Zyl added that existing markets already have the existing infrastructure for exports from South Africa. 'They also have the logistics to transport all the commodities. When you establish a new market, it's a lot of cost and time to establish infrastructure and logistics. However, we won't be negative about any international market that will benefit the agriculture sector.' Francois Rossouw, CEO of Southern African Agri Initiative (Saai), welcomed Ambassador Wu Peng's statements with enthusiasm. 'Access to larger international markets like China is critical for the long-term survival and growth of family farms in South Africa. Expanding exports means better prices, more stability, and stronger rural economies,' he said. Rossouw added that to truly benefit from this opportunity, we need urgent action from our government to break down trade barriers, speed up negotiations on market access, and simplify compliance requirements. 'Family farmers are ready to deliver high-quality produce to the Chinese market – we just need the right support and political will to make it happen.' BUSINESS REPORT
Bloomberg
06-02-2025
- Politics
- Bloomberg
China Backs South Africa's Presidency of G-20 After Rubio Snub
China expressed its support for South Africa's presidency of the Group of 20 nations, hours after US Secretary of State Marco Rubio said he'll boycott a meeting of foreign ministers from the bloc this month. Chinese Ambassador to South Africa Wu Peng held talks with South African International Relations and Cooperation Minister Ronald Lamola on Thursday to discuss the two nations' bilateral relations.
