China Railway Construction Corporation (CRCC) has agreed to form a joint venture (JV) with South African empowerment investment company Afripalm Horizon, led by Lazarus Zim, to pursue construction and infrastructure opportunities in South Africa and sub-Saharan Africa.
The companies announced in a joint statement on Tuesday that the JV would look at opportunities to build, develop, maintain and operate infrastructure, such as railway, roads, ports, electricity, real estate and water infrastructure.
CRCC is dual-listed on both the Hong Kong and Shanghai stock exchanges and is listed among the top 500 enterprises worldwide.
“This strategic alliance will foster greater economic cooperation between Chinese and South African businesses as part of a broader cooperation between Asia and Africa in the construction sector. Our aim is to help build Africa’s infrastructure in a manner that enhances investor returns while realising real economic empowerment of the African continent,” said Zim.
CRCC China-Africa Construction chairperson Chen Xiaoxing added that skills and knowledge transfer initiatives would be integral to the JV.
Skilled engineers, artisans, financial experts and construction specialists from China would be seconded to work on projects in South Africa to ensure skills transfers to, and the training of, South Africans, especially from historically disadvantaged communities, he stated.
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