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PRC, SAR sign memorandum on joint dvlpmnt of mineral resources

The sides intensify bilateral cooperation on the development and distribution of mineral resources both in China and South Africa

BEIJING, September 29 (Itar-Tass) —— China and South Africa have signed a memorandum on mutual understanding on cooperation in the field of joint development of mineral resources. According to reports of the local mass media, the document was signed on Wednesday evening during a meeting of Chinese Vice President Xi Jinping with South African Vice President Kgalema Motlanthe who is staying in South Africa on a visit.

“The sides intensify bilateral cooperation on the development and distribution of mineral resources both in China and South Africa,” the memorandum says. “Partnership in this sphere is a priority for Beijing and Pretoria, and it is necessary to build up interaction in the given field.”

It is reported that the China Development Bank and the South Africa Development Bank signed a joint agreement envisaging the allocation of funds for supporting the development of healthcare, education and infrastructure, as well as the distribution of water resources in both countries.

Xi Jinping said that “over the last years, China and South Africa have considerably intensified trade and economic interaction and cooperation in regional and world issues.” He stressed that the countries should continue to actively cooperate within the framework of the UNO, WTO, BRICS and G20.

As observers note, over the last decade, China has become the main economic, trade and financial partner of African countries. Beijing strengthens its influence through its numerous state and private companies, which promotes the economic development of the continent’s states. China earmarks its main investment flows for the development of mineral resources, development of agriculture and the infrastructure in African countries. The volume of China’s trade with Africa in 2010 exceeded 114.8 billion dollars.

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