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China inks US$143m deal with S. AfricaBy Hou Jinchun (Shanghai Daily)Updated: 2007-04-04 16:19 China has signed deals worth US$143 million with South Africa to buy its agricultural products, wine, wool and copper mines, Xinhua news agency reported today. The agreements, involving 13 Chinese firms and 82 South African companies, followed Chinese pledge in the landmark China-Africa summit in Beijing in November 2006 to seek more resources from Africa to meet domestic demand. The deals were signed in South Africa yesterday by Gao Hucheng, vice chief of China's Ministry of Commerce, and Rob Davies, vice minister of South Africa's trade and industry department. Representatives from 13 Chinese companies including China Nonferrous Metal Mining Co and China Textile Resources Co, and 82 South African companies attended the signing ceremony. Rich in minerals, South Africa is also a major producer of wine, which China began to import in 2004. Its wine makers are facing fierce international competition of global overproduction and lower domestic demand. (For more biz stories, please visit Industry Updates) |
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