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SA needs more US investment – Nkoana-Mashabane

Maite Nkoana-Mashabana
Maite Nkoana-Mashabana

4th August 2014

By: Sapa

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South Africa needs more American companies to invest in it, International Relations Minister Maite Nkoana-Mashabane said on Sunday.

"South Africa is open for business and we need more than 600 companies from America to come invest," she told reporters in Washington in the United States, ahead of the US-Africa summit.

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"We need to go out and take advantage of opportunities."

Around 600 United States companies currently trade in South Africa. Last year total combined trade between the two countries was R130-billion.

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The three-day summit, initiated by US President Barack Obama and being held in the US capital, would discuss the renewal of the African Growth and Opportunity Act (Agoa), among other things.

South Africa will be advocating for a 15 year renewal and arguing to remain on the Agoa.

Agoa is a non-reciprocal prefer trial scheme, which applies only to US imports from eligible Sub-Saharan Africa countries. It was signed into law on May 18, 2000.

Trade and Industry Minister Rob Davies, a member of the South African delegation, would attend a ministerial meeting on Agaoa in Washington on Monday.

Nkoana-Mashabane said that while inter-regional trade within the African continent was important, international trade also needed to be encouraged.

"In today's global village, and also taking into consideration that South Africa's economy is globally connected... we remain and we are part of our own continent.

"[South Africa and Africa] are in the business of integrating the infrastructure of our continent to bring about connectivity so that we can integrate our own economies and trade with our neighbourhood, but that does not exclude engaging with other economies around the world."

Around 50 presidents and prime ministers from Africa have been invited to the summit, however Zimbabwe, Sudan and Western Sahara were some of the African countries excluded.

Nkoana-Mashabane said South Africa did not want to get into a debate on why some African countries had been left out of the summit.

"This is a USA government initiative and they have invited some heads of state. This is the first engagement that we are having.

"We don't have a structured mechanism of engagement, so therefore we are unable, sitting here, to say 'Why have you said this is a initiative for the AU-USA but you [did not invite] so and so?' We don't want to enter that debate."

This was the first time a summit of this nature was being held.

A session at next week's summit was set to focus on peace and security.

City Press on Sunday reported that the SA National Defence Force would be sending soldiers back to the Central African Republic as early as October as part of the AU's African Capacity for Immediate Response to Crises (Acirc).

According to the report, they would be getting help from the controversial US Africa Command (Africom) with equipment and possibly transport, as most of the African continent's armies were short of funds. This was set to be finalised at the summit.

Acirc was championed by President Jacob Zuma last year. The president had reportedly emphasised that he believed African problems need African solutions.

Acirc would be an interim measure until the African Standby Force was fully operational.

However, there were reportedly disagreements between some African countries about Acirc and the involvement of Africom.

Nkoana-Mashabane on Sunday said the Americans had agreed that there needed to be African solutions to African problems.

When Obama called Zuma after his inauguration in May, the US president said the country stood ready to provide material support to Africa.

The summit was an opportunity for African countries to brainstorm about what type of support they would need.

"We can't pre-empt what kind of material support will be requested because they [other countries] are also talking to other international friends," said Nkoana-Mashabane said.

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