Mr Tom Donohue, President and CEO of the US Chamber of Commerce and leadership present,
South African Ministers and senior delegation,
Captains of Commerce and Industry from South Africa and the US,
Ambassador Rasool,
Ladies and Gentlemen,

Good morning and thank you for inviting us to this very important Africa Business Initiative programme.I would first like to thank President Barack Obama and the US government for inviting us to the US-Africa Leadership Summit. We look forward to fruitful discussions and interactions that will take forward cooperation for mutual benefit.

Ladies and gentlemen

Politicians cannot grow economies alone. Business is central to this critical process. This session with the business community is therefore very important to us. We have declared the economy as an apex priority over the next five years in South Africa, in order to enhance inclusive growth and job creation.

US business is an important partner in that steady journey towards growth and prosperity. Since the dawn of freedom and democracy in 1994, the US has been a major trade and investment partner to South Africa. We appreciate the presence to date, of about 600 US firms in South Africa, providing around 150 thousand full time jobs and approximately 75 thousand indirect jobs.

The increase in new projects proves that South Africa is a profitable place to invest in. Our country is also a great location for growing your business in other parts of the African continent. We have set a growth target of 5 per cent by 2019. Moving towards that target, we have instituted measures to boost economic activity and expand access to improved socio-economic services to improve the standard of living.

Amongst our flagship projects, we have invested more than one trillion rand in infrastructure since 2009. We are further investing more than 840 billion rand in infrastructure development over the next three years. The bulk of this spend is going into energy and transport related infrastructure.

We are also investing in social infrastructure, building clinics, schools, two brand new universities and 12 further education and training colleges to boost skills development for our economy. We are pleased that US companies are already taking advantage of our infrastructure build programme.

In this regard, we welcome the partnership between General Electric and Transnet in replenishing our rail infrastructure, through the locomotives deal. We also have Black and Veach engineering, as partners in our key Kusile Power Station project.

We also invite companies in the energy sector to explore our energy generation programme. It is the most diverse destination for investment in our country, ranging from renewable, conventional, shale gas and nuclear. 

We are also broadening and strengthening industrial development in a systematic way, through our Industrial Policy Action Plan, which I trust members of the chamber would be familiar with. Labour-absorbing manufacturing is also central to our export strategy. Foremost is the automotive sector in which we are investing a lot through incentives.

In agriculture, we are putting our money on agro-processing, as it provides opportunities for entrepreneurship in addition to promoting food for all. We have also established a Ministry dedicated to supporting small, medium and micro enterprises and entrepreneurs and start-up businesses. Small business is the foundation of growth and development.

South Africa is thus going through a strong economic renewal, as we implement the National Development Plan, our Vision 2030 socio-economic blueprint.

Ladies and gentlemen,

South Africa is a beautiful country with a generally warm climate, as well as warm and friendly people.

We are pleased with the growth in inward tourism from the US market. Last year we received a record 300 000 tourists from the US, indicating that our country is an attractive destination in these shores. We would like to see this figure growing substantially each year.

Our message to you today is simple. South Africa is open for business, open for tourism and open for partnerships in many sectors. There are many opportunities to be explored in our country and beyond, in the African continent.

Ladies and gentlemen,

One of the key instruments that would assist us to further expand trade relations is no doubt, the African Growth and Opportunity Act, (AGOA), which expires next year. AGOA has transformed the economic landscape for many African countries and South Africa. It is the cornerstone of trade relations between the US and Sub-Saharan Africa.

AGOA has also greatly enhanced trade between the US and South Africa. Almost 95 per cent of South African exports receive preferential treatment under AGOA. We advocate the renewal of AGOA for another 15 years, with the inclusion of South Africa. We strongly believe that by endorsing the extension of AGOA, the US will be promoting African integration, industrialisation and infrastructure development.

We look forward to positive discussions at the AGOA Ministerial forum today and in other forums this week.

Ladies and gentlemen,

South Africa's economic growth is inextricably linked to that of Africa as a whole. That is why we put great emphasis in developing not only our country's infrastructure, but that of the African continent too. South Africa, through the African Union's Presidential Infrastructure Championing Initiative, is tasked with driving the North-South Corridor project.

When completed, this project will provide a trade access corridor from Durban in South Africa through Dar es Salaam in Tanzania to Cairo in Egypt. We are also contributing towards the realisation of the Tripartite Free Trade Area which will combine the Southern Africa Development Community, the Common Market for Eastern and Southern Africa and the East African Community.

This market alone will comprise about 600 million consumers, a combined GDP of one trillion dollars and enormous opportunities for US business. 

Ladies and gentlemen,

We are building an Africa that is fully in control of her destiny, an Africa that works with other regions as an equal partner, providing leadership in finding solutions to African problems and challenges. Already, Africa shows signs of a faster renewal than previously expected. Today, seven of the fastest growing economies are on the African continent.

The continent boasts a growing GDP per capita, higher disposable income, rapid urbanisation and a large labour pool. It is also a well-known fact that Africa today offers a higher rate of return. We are proud to be part of this continent that shows great promise, in spite of historical impediments.

I pledge the continued support of my government and that of the South African Business community, to work with members of the US Chamber of Commerce to harness the economic relations between South Africa and the US.

Ladies and gentlemen,

Allow me, before concluding, to express our outrage at the continued violence that is claiming scores of lives of civilians in Palestine. We add our voice to that of the United Nations in condemning strongly, the senseless shelling of civilian shelters by Israel.

We reiterate that there will never be a military solution to the Israeli-Palestinian question. The two sides need to sit and talk and arrive at the internationally agreed to solution of two states of Palestine and Israel, living peacefully side by side.

Ladies and gentlemen,

Let me express my gratitude to Mr Tom Donohue for this opportunity to speak with you here today. South Africa remains ready and eager to continue doing business with the United States. We are ready to continue working with you for the mutual benefit of the two economies.

I thank you.