USA and South African Trade and Investment Policies Panel Discussion at WBS
Wits Business held a panel discussion on Thursday, October 22, 2009 to explore the Trade and Investment issues between the Republic of South Africa and United States of America.
The discussion focused on issues concerning Finance, AGOA, Current and future trade and investment between the countries. Opening Remarks were made by Mr. R. Courtney Priester and the discussion was moderated by: Ms. Monica Faith Stewart, Co-Chair of Democrats Abroad South Africa: State of Illinois Africa Office of Trade and Investment
The discussion Panel compromised of:
Mr. J. Brooks Spector: Political Commentator
Mr. Sibusiso Xaba: Head: Gauteng Planning Commission
– Gauteng Premier’s Office
Mr. Fadl Nacerodien: Director at the Department of International Relations and Cooperation
Ms. Lizanne Case: Trade Economist First National Bank
Mr.
Philip Webster: Lawyer – Solicitor of the Supreme Court of England & Wales, Investment Lawyer
Mr. Craig Allen: Minister-Counselor for Commercial Affairs at the United States Consulate in Johannesburg, South Africa
- America is South African exporter’s second largest market – especially for industrial exports.
- The U.S. is the second largest foreign direct investor in South Africa – and largest employer.
- U.S. companies are the largest portfolio investors in South Africa.
- Americans are the second largest source of tourist income.
America’s rating as third on the import chart and second on the export chart, is indicative of the fact that our relationship with the U.S.A is one we undoubtedly value. We continue to support the trade relation via maintaining the supply and demand chain.
Other results included: China as South Africa’s number one importer and exporter with America, Germany, Japan and Saudi Arabia following the next few spaces on the export and import charts.
Sixty percent of South Africa’s total imports to the U.S.A came from mineral fuels, machinery, electric equipment, motor vehicles and motor vehicle components. With regards to imports, sixty percent of our imports to the U.S.A came from precious metals and stones, iron and steel, motor vehicles, ores, slag and ash and mineral fuels.
America stands firm about their relationship with S.A and the two countries are actively working to ensure that the relationship grows. A part of their initiatives to enhance this relationship includes:- The African Ambassadors Series. This involves SA, Mozambique, Senegal and Ghana, and the
- Multilateral Donor Project Database.
The evening’s proceedings allowed guests and panellists to solidify the U.S.A-South Africa relationship by unveiling the above mentioned points. It is obvious though; that there is not a ‘one-size fits all’ approach and it must be expected that the countries of the two continents will act according to their own national interests.
Prof Boris Urban, Acting Head of School and Lamberti Chair of Entrepreneurship concludes, “This discussion brings new light into the trade relation discussion as both the U.S.A and S.A have come under new leadership. Both countries continue to honor all countries which they form trade relations with and we are proud to promote such discussion. Wits Business School remains committed to enhancing South Africa’s socio-economic relationship with the world.”
