February 29, 2024

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U.S. Chamber of Commerce Hosts President of South Africa To Deepen Bilateral Trade and Investment Ties

NEW YORK CITY, NEW YORK — The U.S. Chamber of Commerce is organizing a record number of meetings and events on the sidelines of the 78th session of the UN General Assembly (UNGA) to help foster public-private collaboration and underscore the indispensable role of the private sector in realizing the UN’s global targets.

As part of this effort, the U.S. Chamber’s U.S.-Africa Business Center (USAfBC) today hosted the U.S.-South Africa Trade and Investment Executive Dialogue with the President of the Republic of South Africa Cyril Ramaphosa.President Ramaphosa said, “Over 600 U.S. businesses are operating in South Africa, the most industrialized and diversified economy in Africa. I’m glad that the U.S. Chamber of Commerce convened today’s productive discussions on the U.S.-South Africa economic relationship. I invite more U.S. companies to invest and build manufacturing and other productive facilities in South Africa and share in the opportunities in our economy and the fast-growing African market. I wish the partnership between the U.S. Chamber and Business Unity South Africa well, as it adds to the private sector’s existing efforts to strengthen our countries’ economic bonds, and to expanding South Africa’s role as an economic hub in Africa.” 

The dialogue, hosted in conjunction with Business Unity South Africa (BUSA), built on partnership efforts articulated in the organizations’ Memorandum of Understanding, included the launch of an annual U.S. Chamber-BUSA South Africa-U.S. Trade and Investment Forum. The discussions today explored how the new Trade and Investment Forum can have the most actionable impact on growing U.S.-South Africa commercial ties.  

USAfBC President Scott Eisner said, “At the 2019 South Africa investment conference, I pledged the U.S. Chamber would strive towards doubling U.S. commercial and foreign direct investment in South Africa by 2025—an ambitious target that the U.S. Chamber publicly recommitted itself to last year. Today’s dialogue, themed around ‘An Agenda for Accelerating Economic Growth,’ is organized in that collaborative spirit, and we were honored to hear President Ramaphosa’s vision for the U.S.-South Africa commercial partnership, and of his support for the U.S. Chamber and BUSA’s intent to launch a yearly South Africa-U.S. Trade and Investment Forum. We look forward to further elevating our partnership in-person in South Africa this November, at the next annual United States-Sub-Saharan Africa Trade and Economic Cooperation Forum (AGOA Forum) meeting.” 

BUSA CEO Cas Covaadia said, “The opportunity is ripe for U.S. and international investors to be part of South Africa’s growth efforts in a partnership between business and government, to put the country onto a sustainable growth path and optimize its amazing potential—exactly the aim of today’s dialogue. The MOU between Business Unity South Africa and the U.S. Chamber—and now our launch of the South Africa-U.S. Trade and Investment Forum—demonstrates how partnership is so key to prioritizing and promoting our countries’ shared growth and prosperity. As BUSA and the U.S. Chamber continue stimulating U.S.-South Africa trade and investment, BUSA stands ready as a trusted partner for investors entering the South African market.” 

Over the course of UNGA from September 18 – 22, the U.S. Chamber is leading over 24 high-level conversations with top government representatives, including heads of state and government, from countries including Brazil, Nigeria, South Africa, and Türkiye.Learn more here about the Chamber’s role at the 78th UNGA session—which marks the U.S. Chamber’s biggest showing at UNGA ever. 
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