At the recent South African -China Presidential Business Forum, Hisense CEO Vivi Liu highlighted the company’s commitment to growing the business relationship between South Africa and China.
“Chinese companies like Hisense have also focused on improving our soft skills while doing business in South Africa, including our attitude, mindset, and culture,” said Liu.
This has enabled Hisense to be a strong example of how collaboration between China and South Africa can deliver excellent value to both countries.
“We were able to grow our manufacturing capacity dramatically over the past 28 years,” said Liu.
This has resulted in many milestones, including the Hisense Atlantis factory in the Western Cape becoming the largest TV production facility in sub-Saharan Africa.
It recently surpassed 500,000 TVs manufactured annually, and has achieved 10% growth over the past year alone.
It has also increased its fridge production by 60% over the past five years, now manufacturing 480,000 fridges per year.
To continue growing Hisense’s local presence, the company has committed to increasing its procurement from local suppliers across its value chain to R1 billion over the next five years.
Liu said that such tremendous growth and investment is possible thanks to the relationship the brand has built with South African consumers, as well as the support of the two countries’ governments.
Liu added that continued collaboration between the two countries is extremely important, highlighting that each nation has much to learn from the other.
MOU signed by China Development Bank
The summit also saw the China Development Bank enter into a memorandum of understanding (MOU) with the IDC.
Through its subsidiary, the China Africa Development Fund, the China Development Bank will facilitate funding for Chinese investors coming into South Africa and funding for partnerships between Chinese and South African businesses.
“The China Development Bank will earnestly implement the outcomes of the talks between the two heads of state at this summit, using high-quality financial services to help elevate Chinese and South African economic and trade investment cooperation to new heights,” said China Development Bank Chairman Tan Jiong.
This will build upon the extensive work done by the China Development Bank in partnership with South Africa over the years.
“As of the end of August 2024, we have accumulatively issued loans of $10.4 billion in South Africa, with the loan balance now at $5.1 billion,” said Jiong.
“We have also continuously invested in projects with key focus areas such as power and telecommunications.”
“Together, we will forge ahead and create a better future for the people of both countries,” said Jiong.
Click here to learn more about Hisense’s full range of products in South Africa.
