SA mission targets US investment
Edwin Tshivhidzo
23 July 2008
A delegation that includes officials from the Department of Trade and Industry and the International Marketing Council of South Africa is in the United States this week on a mission to secure increased foreign investment, targeting Florida and Minnesota in particular.
The mission, led by Trade and Industry deputy director-general Iqbal Sharma, aims to reach out to small and medium US enterprises wishing to expand in South Africa, give support to existing bilateral activities, and strengthen the relationship between the two countries in general.
The delegation includes regional investment agencies and industrial development zones, who will present a number of selected bankable projects currently available in South Africa.
Addressing the media in Pretoria last week, Sharma said emphasis would be placed on attracting investments in the agro-processing, energy and manufacturing sectors in Minnesota and Florida.
"The US is South Africa's largest trade partner and we hope to take advantage of opportunities there," Sharma said ahead of the mission, which departed on Monday.
African growth and opportunity
Already, US companies in South Africa are benefiting from the African Growth and Opportunities Act (Agoa), which allows for selected African products to enter the US market duty-free.
South Africa is Minnesota's biggest trading partner in Africa, with exports from Minnesota to South Africa increasing over recent years.
Council of Great Lakes Governors representative Richard Zurba described the South African market as a fast adapter of new, innovative and high-tech imports.
"American technological innovations, combined with a current low US dollar, allows American companies to compete favourably against domestic and international competition in the market," he said.
Florida and Minnesota fall within the top 10 states in the US in terms of their percentage share of each state's contribution to US gross domestic product (GDP).
Source: BuaNews
