Your Honorable Enoch Godongwana, Minister of Finance,

Mr. Sello Moloko, Chairman of the Absa Board of Directors,

Mr. Arrie Rautenbach, CEO of Absa Group,

Distinguished Guests,

Ladies and Gentlemen,

Good afternoon! 

It is my great pleasure to be invited to attend today’s launch event. First of all, I would like to express on behalf of the Chinese Embassy, warm congratulations on the establishment of the Absa office in Beijing.

Absa is an influential financial enterprise in South Africa and even in Africa. 

The establishment of your office in Beijing demonstrates the importance the Group attaches to the Chinese market and confidence in investing in China.

This venture speaks volumes to the sustained rapid development of China-South Africa relations and the deepening of our financial cooperation in recent years.

The year 2023 marks the 25th anniversary of the establishment of China-South Africa diplomatic relations. It is of special significance to the development of our relationship. 

Over the past 25 years, China-South Africa relations realized leapfrog development from partnership, strategic partnership to a comprehensive strategic partnership. 

In August last year, President Xi Jinping paid his fourth state visit to South Africa and attended the 15th BRICS Summit here.

President Xi Jinping and President Ramaphosa together ushered in the Golden Era of China-South Africa relations, which started a new chapter of building a high-level China-South Africa community with a shared future.

Ladies and Gentlemen,

Economic and trade cooperation has always been the “ballast” and “propeller” of China-South Africa relations. 

China has been South Africa's largest trading partner for 15 consecutive years, and South Africa has been China's largest trading partner in Africa for many years. 

South Africa is one of the most important investment destinations for China in Africa.

China attaches great importance to financial cooperation with South Africa. As early as 2015 at the FOCAC Johannesburg Summit, President Xi Jinping put forward the Ten Cooperation Programs, which includes financial cooperation.

During President Xi Jinping’s visit to South Africa in August last year, our two Presidents reached a new consensus on strengthening financial cooperation.

With the two sides’ joint efforts, we now enjoy more channels of financial cooperation and the level of cooperation has continued to be upgraded. 

Large Chinese financial institutions, such as the Bank of China and the Export-Import Bank of China, have set up offices in South Africa.

China has also established its first RMB clearing bank in Africa here in South Africa. The RMB has thus become a currency among South Africa’s foreign exchange reserves. 

South African financial institutions, represented by Absa actively explore the Chinese market. 

As our financial cooperation continues to deepen, there is better facilitation of two-way trade and investment and stronger support for South Africa’s industrialization and modernization.

Ladies and Gentlemen,

The year 2024 is the first year after China-South Africa relations entered the Golden Era. It is a year for both countries to implement the important outcomes of President Xi Jinping’s state visit to South Africa. 

This year, a new Forum on China-Africa Cooperation meeting will be held in Beijing. China-South Africa and China-Africa relations are facing new development opportunities.

Under the new circumstances, South African companies are most welcome to use the opportunity to go to China to inject new impetus into our practical cooperation in various fields, and contribute more Golden Fruits to the Golden Era. 

I would like to take this opportunity to share a few proposals and aspirations with South African companies that have investments or are looking to invest in China:

First, to be a dedicated participant in China's big market. 

China is pursuing modernization through high-quality development, which will provide huge opportunities for all countries. 

Last year, China's economy grew by 5.2 percent year-on-year. This is one of the fastest among all major economies and China remains the biggest driver of global growth. 

Right now, China has a population of over 1.4 billion, which includes over 400 million people in the middle-income group that is also expected to surpass 800 million by 2035.

The potential of the Chinese market in the future is immeasurable.

We hope that South African companies will continue to invest and expand your business in China.

It is important to focus not only on the present, but also on long-term development. That is key to jointly making a bigger cake of win-win cooperation and better achieving common development.

Second, to be a facilitator of China's business environment. 

The Chinese government attaches great importance to improving the business environment for foreign investment. Our Law on Foreign Investment makes clear the rights and obligations of foreign investors in China. 

Thanks to China's favorable business environment, the return on FDI in China in the past five years was about 9 percent, which is internationally speaking very high. 

In 2023, nearly 54,000 new foreign-invested enterprises were set up in China, up by almost 40 percent year-on-year. 

We hope all of us can work together to facilitate China's favorable business environment, earnestly fulfill due corporate social responsibility, and inject more positive energy into delivering positive returns.

Third, to be a contributor to China-South Africa economic and trade cooperation. 

The industrial chains and supply chains of our two countries are highly complementary. There is a strong foundation and huge potential for economic and trade cooperation between us. 

Right now, China and South Africa are actively pursuing the synergy between Belt and Road cooperation and South Africa's economic reconstruction and recovery plan.

We are expanding ways to deepen win-win cooperation in infrastructure, energy and minerals, new energy, finance, agriculture, and other fields.

We hope South African companies will actively explore new products and modes of trade and investment between the two sides.

It is also our hope that members of the financial sector will continue to serve companies and the market by giving full play to your roles as lubricant and catalyst for stronger economic and trade cooperation between our two countries. 

Fourth, to be a communicator to the world about China's opening-up policy. 

Over the past 40 years as China developed itself through opening up, we delivered much benefit to the whole world. 

China advocates that economic globalization should be inclusive. We have been steadfast in expanding high-level opening up to the world.

We continue to relax market access, and build a first-class, internationalized business environment that follows the rules of the market and the law, so as to share the dividends of China's high-quality development with companies from all over the world. 

At present, China has basically opened access to the manufacturing sector for foreign capital. Access to the service industry for foreign investors is being opened in a comprehensive and orderly manner. 

I hope that as South African companies doing business in China enjoy the dividends of China's opening up, you can actively help communicate to the world about China's philosophy, policies, and measures of opening up, so that more investors could be attracted to China.

Ladies and Gentlemen,

The new Absa office in Beijing will be a key milestone for Absa’s China business and will attract more South African and African businesses to enter the Chinese market, so as to make greater contributions to China-South Africa and China-Africa business cooperation in the new era.

The Chinese Embassy is ready to provide assistance to Absa in your China business within our capacity.

Lastly, in 10 days’ time, it will be the Chinese New Year. The coming year will be the Year of the Dragon. 

In traditional Chinese culture, the dragon symbolizes strength, wisdom, and good fortune. 

I sincerely wish all of you a very happy Chinese New Year of the Dragon and good luck in all endeavors! 

May Absa enjoy smooth and prosperous business development in China!

I thank you!