Ramaphosa On Drive To Spur Economic Growth

South Africa's President Cyril Ramaphosa. PICTURE: Miningmix

President Cyril Ramaphosa will continue his investment drive on Wednesday after concluding his state visit to China and participating in the Forum on China-Africa Co-operation.

He wants to raise at least R1.3 trillion in the next few years to spur economic growth and create jobs.

Ramaphosa will visit the Chinese mobile company Huawei and fly to Hangzhou province to meet with China’s richest man and founding director of the Alibaba Group, Jack Ma.

The President told local and Chinese business to help balance the trade deficit between China and Africa by identifying all barriers that restrict accessing markets on both sides.

This investment drive comes as Stats SA released data pointing to a technical recession in the second quarter of the year.

This is the second recession in over a year. A technical recession is characterised by two consecutive quarters of negative growth.

The largest contributors to the slow down in growth came from the agriculture, transport and communication sectors.