Buffalo City Metro last night signed a new deal with another Chinese municipality in an effort to bring investment and jobs into the city.
The deal between Jinhua city and BCM came into effect yesterday evening after BCM mayor Xola Pakati and a representative from Jinhua signed the five-year agreement.
Speaking at the official signing event held at the East London International Convention Centre (ICC) yesterday Pakati said the China’s Youngman Automotive Group, Honchi Automobiles, had committed to “an enhanced strategic trade and investment cooperation” between the two cities.
“This visit and the signing of the partnership agreement today is an implementation of that pledge,” Pakati said to the secretary of the Jinhua municipal committee, Zhao Guangjun.
This comes shortly after a BCM delegation recently visited China last month where Pakati signed a lucrative deal with Chongqing city.
Four new electronics factories are expected to be established by the end of the year from that deal, and at least 400 permanent jobs created when the factories open in November.
Pakati said no new buildings would be built as the factories, which would manufacture electronic devices including computers and cellphones, would be housed at the East London Industrial Development Zone (ELIDZ).
Pakati sold the city as the best destination for investment, boasting about the ELIDZ and the recently installed and “enhanced security by installing CCTV cameras across the city”.
He said the location of any company in the city would be a good investment and carry “serious economic returns”.
He added that China had “in accumulative terms” made over R210-billion of direct investment in South Africa.
“Manufacturing companies exist from a variety of sectors located in our Wilsonia, Fort Jackson and Dimbaza Industrial Parks,” said Pakati.
“An infrastructure investment value of about R22-million has been made to Fort Jackson and Dimbaza with the sole aim of providing increased security for investors.” — firstname.lastname@example.org