Cyril Ramaphosa has said that American companies have expressed confidence in Pretorias economic reforms and shown interest in further investment

South African President Cyril Ramaphosa has said his country's trade and investment ties with the US are deepening, after a series of meetings on the sidelines of the United Nations General Assembly in New York last week.

In his weekly newsletter to the nation, the president said the engagements included a Trade and Investment Dialogue hosted by the US Chamber of Commerce, as well as meetings with American companies, members of Congress, and US government officials.

He said US companies expressed confidence in South Africa's economic reforms and showed strong interest in further investment. "Some of these companies already have business operations in South Africa, while others are interested in investing," Ramaphosa said. "All of the companies commended the reforms being undertaken by the government and the prospects for growth in our economy."

The US Chamber of Commerce, which represents businesses in over 120 countries, convened the dialogue that brought together ministers, officials, and business leaders from both countries.

Ramaphosa said the tone of the meeting was optimistic and forward-looking, demonstrating that business cooperation continues despite political disagreements or global tensions. "The optimistic, future-focused tone of this important engagement underscored how, beyond the headlines and debates around trade policy and political frictions, US and South African businesses are forging ahead," he said.

According to Ramaphosa, Kendra Gaither, President of the US-Africa Business Center, described the relationship between the two countries as foundational. Gaither said it was a "vital relationship that merits dedicated attention," which the president said reflected the strength and durability of their economic ties.

He said more than 600 US companies are currently operating in South Africa, and the country remains the second-largest destination for US exports on the African continent. Ramaphosa emphasised that both countries saw clear commercial opportunities in each other's markets.

"South Africa is positioning itself as an investment destination for critical minerals, with the digital transition and the global move towards net zero driving global demand," he said. The president added that discussions also focused on investment opportunities in sectors such as agriculture, pharmaceuticals, healthcare, advanced manufacturing, and technology.

Ramaphosa also announced that the South Africa-United States Trade and Investment Forum would be launched at the next South Africa Investment Conference in 2026. He described the forum as a "vital bridge" between the two countries and an important step in strengthening ties.

Talks are also underway between South Africa's Department of Trade, Industry and Competition and the US Trade Representative's office to finalise a reciprocal trade agreement.

Ramaphosa said South Africa was encouraged by the US Chamber of Commerce's support for the renewal of the African Growth and Opportunity Act (AGOA), which it described as "the cornerstone of US-Africa commerce."

"Predictable, preferential access to the US market isn't just vital to South Africa's own exports, but also to US companies that depend on reliable imports," he said.

"As the official talks around trade tariffs continue, we take to heart the words of the US Chamber of Commerce representative at the recent dialogue, that expanding commercial partnerships 'happens one deal, one investment at a time'," Ramaphosa added. He said the engagements showed that US and South African businesses remain "deeply connected" and committed to building mutually beneficial partnerships well into the future.

First published by IOL

(RT.com)