South Africa courts Shenzhen investors

South Africa is urging investors from Shenzhen city in South China's Guangdong province to take advantage of the investment opportunities in the country.

Speaking at a roundtable in Shenzhen on Tuesday, South African President Cyril Ramaphosa said South Africa presents a great opportunity for companies in Shenzhen to deepen their global value chains.

"With the capabilities that your companies have, we encourage you to play a more active role in our economy for mutual benefit," he said, according to a statement released by South Africa's presidency on Tuesday, adding he hopes business people from Guangdong province can visit South Africa for opportunities.

Ramaphosa said South Africa is well-positioned to be a leader in the green energy and related industries, owing to its abundant renewable energy resources and significant deposits of the minerals that are needed to drive green growth.

"As a global leader in green energy and infrastructure, Shenzhen could be an important partner for South Africa as its energy sector undergoes a major transformation. Over the last few years, regulatory changes have stimulated substantial new investment in electricity generation capacity, mainly from renewable sources," he said.

Ramaphosa encouraged Chinese companies in the electric vehicle industry such as BYD to consider South Africa as their hub to reach other markets, noting that his government has put in place policies to promote development of the sector.

Commenting Shenzhen for its development pace, he said South Africa is keen to learn more about the city's journey toward becoming a global center of technology, innovation and growth.

"As we work to develop our economy, we value advice, support and technical assistance in planning, infrastructure and skills development," he said.