President Jacob Zuma has begun his three day visit to the United States of America where he is leading the South African delegation to the US-Africa Leaders' Summit 2014 convened under the theme: "Investing in the Next Generation”.
The summit is expected to further strengthen ties between the United States and one of the world's most dynamic and fastest growing regions, Africa. The high level engagement was announced during the official visit to some countries in the continent including South Africa last year, by US President Barack Obama.
The summit provides an opportunity to promote increased cooperation on Africa-US trade and investment as well as cooperation on peace and security, infrastructure development and other key sectors. South Africa sees immense value in the Power Africa initiative of President Obama and an opportunity in it to promote Africa's energy projects as part of the continent's important infrastructure development programme.
The summit takes place amid encouraging news about South Africa's positioning in the world as a trade and investment destination in recent times.
Other key milestones are as follows:
- The National Development Plan provides a framework that will shift South Africa towards a new trajectory of inclusive economic growth and job creation.
- Macroeconomic stability provides the foundation for strong and sustainable growth and job creation envisioned in the NDP by supporting investment and confidence.
- In August 2013, the Global Financial Times Magazine of UK voted South Africa overall winner for best investment destination in Africa for 2013 and 2014.
- The 2014 AT Kearney Foreign Direct Confidence Index ranks South Africa in position 13 amongst 25 leading economies moving up two places from 2013.
- Over 130 foreign firms either entered South Africa or expanded their investments during 2013 - that is about 2.5 foreign firms per week.
President Zuma and the Ministerial delegation will encourage more trade and investments between South Africa and the US and in particular the extension of the African Growth and Opportunity Act (AGOA). AGOA, which expires next year, has boosted bilateral trade between the US and South Africa. It is estimated that about 95% of South African exports gain access into the US duty-free through AGOA.
The Minister of Trade and Industry, Dr Rob Davies will attend the AGOA Ministerial meeting on Monday, 4 August 2014.
Among President Zuma's engagements tomorrow, is an important interaction with CEOs as part of the US-South African Chamber of Commerce African Business Initiative session. The interaction provides an opportunity to discuss ways of further enhancing trade relations between the two countries. The session is important for South Africa given that 600 US companies do business in South Africa, and also given the fact that the economy, especially economic growth and job creation, has been declared as apex priorities in the country.
The President is accompanied by the Minister of International Relations and Cooperation, Ms Maite Nkoana-Mashabane, the Minister of Trade and Industry, Dr Rob Davies, the Minister of Transport, Ms Dipuo Peters and the Minister of State Security, Mr David Mahlobo.
Enquiries:
Mac Maharaj
Cell: 079 879 3203
E-mail: macmaharaj@icloud.com
