During the 78th session of the UN General Assembly (UNGA), the U.S. Chamber of Commerce is taking the initiative to organize a record number of meetings and events on the sidelines of the UNGA. The goal is to foster public-private collaboration and emphasize the essential role of the private sector in achieving the UN’s global targets. As part of this effort, the U.S. Chamber’s U.S.-Africa Business Center (USAfBC) hosted the U.S.-South Africa Trade and Investment Executive Dialogue with the President of the Republic of South Africa, Cyril Ramaphosa.
Building Economic Bonds
President Ramaphosa highlighted the significant presence of over 600 U.S. businesses operating in South Africa, which has the most industrialized and diversified economy in Africa. In a productive discussion, Ramaphosa expressed his invitation for more U.S. companies to invest and establish productive facilities in South Africa, sharing in the opportunities of the South African economy and the fast-growing African market. The partnership between the U.S. Chamber and Business Unity South Africa (BUSA) aims to strengthen economic bonds between the two countries and expand South Africa’s role as an economic hub in Africa.
The dialogue, held in conjunction with BUSA, built on the efforts outlined in the organizations’ Memorandum of Understanding and included the launch of an annual U.S. Chamber-BUSA South Africa-US Trade and Investment Forum. This forum will play a crucial role in furthering U.S.-South Africa commercial ties, ensuring that discussions result in actionable impacts.
Promoting Economic Growth
The U.S. Chamber has taken a proactive stance in accelerating economic growth in South Africa. In 2019, during the South Africa Investment Conference, the U.S. Chamber pledged to strive towards doubling U.S. commercial and foreign direct investment in South Africa by 2025. The organization publicly recommitted to this ambitious target last year, and today’s dialogue, centered around ‘An Agenda for Accelerating Economic Growth,’ reflects that collaborative spirit.
Scott Eisner, President of the U.S. Chamber, expressed his gratitude for President Ramaphosa’s vision for the U.S.-South Africa commercial partnership. Eisner also acknowledged the President’s support for the U.S. Chamber and BUSA’s intention to launch an annual South Africa-U.S. Trade and Investment Forum. The U.S. Chamber looks forward to strengthening this partnership in person during the next annual United States-Sub-Saharan Africa Trade and Economic Cooperation Forum (AGOA Forum) meeting in South Africa in November.
Promoting Investment Opportunities
BUSA CEO Cas Covaadia emphasized the ripe opportunity for U.S. and international investors to be part of South Africa’s growth efforts through a partnership between business and government. Covaadia believes that this collaboration will lead to sustainable growth and optimize South Africa’s incredible potential. The partnership between BUSA, the U.S. Chamber, and the launch of the South Africa-US Trade and Investment Forum demonstrates the crucial role of partnership in prioritizing and promoting shared growth and prosperity between the two countries. BUSA stands ready as a trusted partner for investors entering the South African market.
UNGA Engagements
Throughout the UNGA from September 18-22, the U.S. Chamber is leading over 24 high-level conversations with top government representatives. These conversations include heads of state and government from countries such as Brazil, Nigeria, South Africa, and Türkiye. The U.S. Chamber’s commitment to engaging with various countries demonstrates its dedication to foster international collaboration and strengthen bilateral trade and investment ties.
Summary
The U.S. Chamber of Commerce’s U.S.-Africa Business Center organized the U.S.-South Africa Trade and Investment Executive Dialogue with President Cyril Ramaphosa to deepen bilateral trade and investment ties. This dialogue, held in partnership with Business Unity South Africa (BUSA) and supported by the launch of the South Africa-US Trade and Investment Forum, aims to promote economic growth, attract investment opportunities, and strengthen economic bonds between the U.S. and South Africa. The U.S. Chamber’s engagements during the UNGA further highlight its commitment to fostering collaboration and strengthening trade and investment ties with various countries.
