Hisense Group Co Ltd and China-Africa Development Fund planned to develop Atlantis Hisense Appliance Industrial Park Project located in Atlantis, West Cape of South Africa. In March 2013, the CADFund and Hisense Group Co., Ltd. signed an investment cooperation agreement to jointly invest in the construction of the Hisense South Africa Appliance Industrial Park (Hisense South Africa) in order to improve the local manufacturing level and meet South Africa's manufacturing demands. Mr. XI Jinping, President of China, and Mr. Jacob Zuma, then-President of South Africa, witnessed the signing. The project was put into operation in that same year, with a total investment of $150 million and an annual output of 540,000 refrigerators and 390,000 televisions. The Hisense South Africa won South Africa's Best Product Award in 2017. The home appliances that Hisense South Africa produces enjoy the largest sales volume in the local market and are exported to more than 10 African countries. The implementation of the project has not only promoted South Africa's employment and exports but has also improved the country's manufacturing and technical capacity. Through "Made in Africa", it has also improved the local management, logistics and post-sales service, promoted the development of related industries, won the praise of South African leaders and people, and become a well-known brand in South Africa. Ebrahim Patel, Minister of Economic Development of South Africa,commented on the project: "South Africa will not only become a global supplier of industrial raw materials but also become a production centre in the future. Hisense South Africa Appliance Industrial Park will make this dream come true as soon as possible". Hisense Group Co., Ltd. provided capital to (a) set up factories in Africa, (b) implement localized management, (c) increase job opportunities, (d) bring foreign exchange and tax revenues to the local region, (e) provide support based on its technical and management experience, (f) effectively improve the local manufacturing industry, and (g) promote sustainable development of the African manufacturing industry without increasing government expenditure.