President Cyril Ramaphosa says engagements in the United States show that South African and US businesses remain deeply connected and committed to mutually beneficial partnerships well into the future.
In his weekly newsletter to the nation, the President said the country will continue to advocate for the principle of reciprocity in investment and trade relations with the US.
As the presence of US companies on South African soil continues to grow, President Ramaphosa said the country wants to expand the number of its companies operating in the US market, thereby creating more jobs for Americans.
“As the official talks around trade tariffs continue, we take to heart the words of the US Chamber of Commerce representative at the recent dialogue, that expanding commercial partnerships happens one deal, one investment at time,” he said.
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Last week, the President addressed a Trade and Investment Dialogue between South African and US businesses on the sidelines of the United Nations General Assembly in New York.
The event, convened by the US Chamber of Commerce – the world’s largest business advocacy organisation with representation in more than 120 countries, including South Africa – drew senior government officials, business leaders and industry representatives from both countries.
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President Ramaphosa said the discussions underscored optimism about South Africa’s economic reforms and growth prospects, with several US companies expressing interest in expanding their operations or investing in the country.
As part of strengthening ties with the United States, the President and his delegation also used the opportunity to meet with members of the US Congress and Senate. Some ministers and officials also held meetings with representatives of the US administration.
“The optimistic, future-focused tone of this important engagement underscored how, beyond the headlines and debates around trade policy and political frictions, US and South African businesses are forging ahead,” the President said.
Addressing the dialogue, the President of the US-Africa Business Center of the US Chamber of Commerce, Kendra Gaither, said that there was “no economic relationship more foundational than the ties that the US and South Africa have”. She said it was a vital relationship that merits dedicated attention.
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Later this year, the US Chamber of Commerce is expected to send a high-powered delegation, led by its CEO, to the B20 Summit, the official dialogue forum of the G20 for the global business community.
Commercial ties between the two countries remain strong, with more than 600 US companies already operating in South Africa. The country is the second-largest African destination for US exports.
President Ramaphosa said South Africa is positioning itself as an investment destination for critical minerals, with the digital transition and the global move towards net zero driving global demand.
The country also had the opportunity to engage with US industry around investment opportunities in agriculture, pharmaceuticals, healthcare, advanced manufacturing, technology and other key sectors.
He further announced the establishment of a South Africa-United States Trade and Investment Forum, to be inaugurated at next year’s South Africa Investment Conference. The forum will serve as a bridge for deepening trade and investment between the two nations.
“These engagements with business take place alongside discussions with the US administration around a reciprocal trade agreement. Our Department of Trade, Industry and Competition has been meeting with the US Trade Representative to finalise an agreement that benefits both our countries,” the President said.
The President also welcomed the US Chamber of Commerce’s support for the reauthorisation of the African Growth and Opportunity Act (AGOA), describing it as “the cornerstone of US-Africa commerce”.
“Predictable, preferential access to the US market isn’t just vital to South Africa’s own exports, but also to US companies that depend on reliable imports. We are also prioritising the African Continental Free Trade Area as a vital tool for strengthening US-South Africa trade and investment,” the President said. – SAnews.gov.za
