JOHANNESBURG — Chinese-funded companies in South Africa are making significant contributions to local economic development while excelling in corporate social responsibility, according to a report released on Wednesday by the South Africa-China Economic and Trade Association.

The 2024 CSR Report of Chinese-Funded Enterprises in South Africa showcases their remarkable achievements in fulfilling social responsibility over the past five years through case studies and photographs.

To date, more than 200 Chinese-funded companies are operating in South Africa. The report highlights their active role in advancing the country's "new investment drive "and fostering mutually beneficial cooperation in sectors such as new energy, mining and the digital economy, injecting fresh vitality into South Africa's economic and social fabric.

The report emphasizes Chinese companies' commitment to community service, environmental protection, employee development and cultural exchanges, which have earned them widespread praise from local governments and communities.

During the launch of the report, Chinese Ambassador to South Africa Wu Peng said it highlights the significant contributions of Chinese-funded companies to South Africa's development. These contributions span sectors such as improving livelihoods, protecting the environment and supporting various industries.

"It's a great demonstration of how Chinese enterprises faithfully implement the principle of sincerity, real results, amity and good faith, and take the right approach to friendship and interests," Wu said.

Strong cooperation

"Our companies cannot contribute this much to South Africa without the overall strong bilateral economic and trade cooperation between our two countries.

"I am convinced that in the future, more and more Chinese enterprises will come to South Africa, invest in South Africa and build for South Africa, bringing more benefits to the two countries and two peoples."

South African Deputy President Paul Mashatile commended the economic collaboration between the two countries, emphasizing their shared commitment to sustainable development and corporate governance.

"The report ... highlights the contributions (made) by Chinese-funded enterprises in South Africa to environmental conservation, community development, education and healthcare," Mashatile said, adding that these companies serve as role models for businesses, proving that profitability and social responsibility can and should coexist.

He also reaffirmed South Africa's commitment to strengthening trade and investment ties with China. "South Africa and China can thrive in an interconnected world by forming strong partnerships, overcoming economic uncertainties and leveraging globalization's benefits."

Significant contributions

When releasing the report, the Chairman of the South Africa-China Economic and Trade Association Zhang Chaoyang said nearly 50 Chinese-funded companies operating in South Africa have made significant contributions.

They have invested about $9 billion, paid taxes totaling about 80 billion rands ($4.5 billion) and contributed nearly 2 billion rands through training programs and donations.

"Through various corporate social responsibility initiatives, they contribute to local communities, sharing the benefits of their success and helping to overcome challenges, thus establishing themselves as responsible corporate citizens," said Zhang.

He also stressed that Chinese-funded companies in South Africa embrace the principles of "responsibility, contribution, and sharing "and remain committed to fulfilling their corporate social responsibilities as the relationship between China and South Africa continues to deepen.

"As our bilateral economic and trade cooperation reaches new milestones, Chinese-funded enterprises will remain working closely with the South African government and its people and playing an active role in driving the nation's economic progress," Zhang added.

Xinhua