S.Africa's ANC says turning to China, India

Johannesburg, 23 may – (ANA) - Western investors have to realise South Africa does not need their money since it can turn increasingly to fellow BRICS members India and China to fund its economic development, the Secretary-General of its ruling African National Congress (ANC) said yesterday. "There is a dynamic that Western investors must wake up to," Gwede Mantashe, day-to-day head of the ANC said. "If they are still sulking regularly, there is a growing 'Look East' tendency that is emerging throughout the continent, the developing world." The left-leaning ANC is deeply suspicious of the West, resenting what it sees as high-handedness by the United States and Africa's former European colonial powers and distrusting free market capitalism. It also objects to conditions often imposed by Western institutions as the price of their investment. "Sometimes, when you deal with the IMF or World Bank, or anything, they feel that you must stop thinking because they have money and they will tell you what to do with the money," Mantashe, a former union leader, said. (ANA)

FA/ANA/23 May 2012---------