A South African delegation will be embarking on a mission to attract foreign investment in the United States.
The delegation, under the leadership of Trade and Industry Deputy Director-General Igbal Sharma together with the International Marketing Council of South Africa, will leave for the US on 21 July 2008.
Objectives
The objective of the mission is to support the activities that are currently gaining momentum in the US and to strengthen the relationship between the two countries.
The mission will also reach out to small, medium and macro companies with a view to expanding their businesses in South Africa.
Addressing the media in Pretoria on Tuesday, Sharma said emphasis will 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 in there,” Sharma said ahead of the mission.
Pressure on resources?
Regarding South Africa's electricity crisis and whether South Africa should be trying to attract more businesses which would in turn lead to more pressure on the system, Sharma said he could not see any reason why foreign investors would be threatened by a lack of energy.
Duty free
Already US companies in South Africa are benefitting from the African Growth and Opportunities Act (AGOA) which allow 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.
SA - fast adaptor
A representative of the Council on Great Lakes Governors, Richard Zurba, describes the South African market as a fast adaptor 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 ten states in the US in terms of their percentage share of each state's contribution to the US Gross Domestic Product (GDP).
The delegation will comprise of regional investment agencies and Industrial Development Zones who present a number of selected bankable projects currently available in the regions.
Article published courtesy of BuaNews
