South African President Cyril Ramaphosa is the 'last hope' for Africa&...
JOHANNESBURG - South African President Cyril Ramaphosa is the “last hope” for Africa’s most advanced economy, but his government must turn incentive policies into laws to secure more Chinese investment, a senior Chinese diplomat told Reuters.
While it has attracted some $55 billion in total pledges - including from Saudi Arabia and the United Arab Emirates as well - the drive has so far done little to ease crippling unemployment or boost economic growth. Policies of extending incentives, including tax breaks, to attract foreign capital also did not do enough for Chinese investors, who Lin said wanted to see favorable conditions enshrined in an investment law approved by parliament.
The heavily indebted state-owned utility has been forced to implement blackouts as it struggles to meet demand. It has been kept afloat by government bailouts but is regularly cited by ratings agencies as one of the main threats to South Africa’s creditworthiness and economic growth. With around 80 percent of the continent’s communications infrastructure already built by Huawei and fellow Chinese firm ZTE, Lin said the kind of pressure the United States was exerting on its European allies not to sign deals with Huawei could never work in Africa.
China agreed to restructure a portion of Congo Republic’s debt, allowing it to secure a bailout from the International Monetary Fund this month.
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