Buffalo City Metro signs cooperative agreement with Chinese government

The Buffalo City Metro in the Eastern Cape has signed a cooperative agreement with the Chinese government to stimulate economic growth and unlock investment opportunities. This was revealed during a two-day partnership conference held in East London.

The five-year agreement will focus on industries in the agricultural sector and digital technology, among others.

The partnership agreement will reduce the red tape and remove bottlenecks associated with doing business in the international space.

More than 50 businesses have expressed an interest in investing in the Buffalo City Metro. It is hoped that this will unlock job opportunities for young people. Buffalo City Metro Executive Mayor Princess Faku says they are working hard to attract investors.

“Transnet is investing about R5 billion in expanding the East London Port so these are great news for us as a city, of course we want to have an international airport in the city. We want to say to the Chinese that are here, we have business sectors that are here, Naffcoc Border Business Chamber that is here. We are saying to them when they establish business here, they need to partner with local businesses.”

BUFFALO CITY OPEN FOR INVESTMENT

Buffalo City is open for positive investment that will unlock its promising potential.

This was the message delivered by BCM Executive Mayor Cllr Princess Faku today as she officially opened the China- SA partnership and business conference. pic.twitter.com/2CewK5KtIk

— Buffalo City Metro Municipality (@OfficialBCMM) June 29, 2023

The Buffalo City Metro (BCM), last night signed cooperative agreements with the Chinese, signifying concrete steps towards economic growth.

The Metro is hosting a two-day partnership and business conference which seeks to accelerate economic growth by building partnerships. pic.twitter.com/cuVNZnsTRH

— Buffalo City Metro Municipality (@OfficialBCMM) June 30, 2023

Li Potgieter from the South Africa Investor Union says the partnership will also encourage skills transfer.

“ Skills transfer especially for the youth for agriculture, our plan is for the agriculture in the future, to teach local farmers how to plant. As you know there is war and in Africa they will face a food crisis, we want to start in advance to bring the Chinese technology, to teach the locals how to farm.”

The Chief Executive Officer of the Border Kei Business Chamber, Lizelle Maurice, has welcomed the initiative.

“Business will always benefit in one way or the other, whether it is to strengthen the network which is your social capital and in the business circle. We believe our network is our net worth, besides strengthening the relations it exposes us to the opportunities that are there. Definitely they will benefit, sometimes the transactions will not be immediate but definitely they will be there in future.”

In September, a delegation from the Metro will visit China as part of the agreement. This two days conference is also part of the build-up to the BRICS Summit to be held in Sandton in August.