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Chinese to Invest $819 Million in South African Car Industry

A Chinese state-owned car manufacturing company will invest 11 billion rand ($819 million) in a new plant in South Africa, giving a further boost to one of the fastest-growing industries in the continent’s largest economy.

Beijing Automotive International Corp. signed the deal with the Coega Development Corporation, the operator of an industrial development zone in South Africa’s southern coast city of Port Elizabeth, Coega said in an e-mailed statement on Friday. The investment is a result of agreements signed by President Jacob Zuma and Chinese Prime Minister Xi Jinping in December last year.