The leadership and members of the Corporate Council on Africa,
Distinguished captains of commerce and industry,

Good day to you all, and thank you for providing this opportunity for us to interact with the US business community.

We are in the US to deepen relations and also to explore areas of cooperation between this country's administration and the incoming administration in South Africa next year.

Economic growth and development is one of our priority focus areas and we seek the partnerships of the American business sector in meeting our development goals. We believe there is a lot of potential, and that American business is yet to exhaust the opportunities that area available in South Africa.

The United States is among our top five trading partners and was our largest export destination in 2007. Bilateral trade grew from R76 billion in 2006 to R95,9 billion in 2007.

We must add also that the United States has been an important source of foreign exchange for South Africa, largely as a result of lower tariffs arising out of interventions such as the African Growth and Opportunity Act.

There are various enabling mechanisms at a State-to-State level between the two countries. We are pleased also that the USA and the SA Customs Union signed an agreement in July 2008 and will, amongst other things, establish a consultative group on trade and investment.

This group will enable the promotion of investments between SACU states and the United States.

As the ruling party, which is facing an election in a few months' time, we are in the process of firming up our policies, which arise from the resolutions adopted at our national conference in the city of Polokwane in the Limpopo Province last year.

Resolutions direct us to make the creation of quality and decent jobs the focus of our economic policies.

Other areas of focus for the 2009 administration will also include health and education, the fight against crime, the need to maintain financial and macroeconomic stability, to improve the functioning of the public service and to accelerate land and agrarian reform in order to speed up rural development.

Our Economic Summit held last weekend, called to prepare an implementation programme for our policies, also underlined that the creation of decent work for all South Africans, including the unemployed and underemployed, must be the primary focus of all economic policies, including industrial and trade policy.

We resolved also that the activities of all government departments, state owned enterprises and development finance institutions should be reviewed to ensure more purposeful achievement of decent work outcomes.

We are exploring all avenues for job creation.

Due to the Expanded Public Works Programme, and construction in preparations for the 2010 FIFA World Cup, the South African government is driving a massive investment programme in infrastructure.

This will maintain growth in the labour intensive construction sectors for some years. Our pursuit of foreign direct investments will also be in the spirit of providing decent work, in terms of quality and quantity. We have scored several achievements in the provision of basic services to our people, and will seek to improve on this record in the new term.

We will prioritise rural development for various reasons. Many rural areas still lack basic infrastructure such as roads, water and electricity supply. This lack of infrastructure entrenches the problems of chronic poverty and limits the potential of communities to sustain economic growth, rural livelihoods and social development.

Our efforts to extend free basic services to all our people are slowest to reach rural areas and farm-dwellers, even while the majority has access to free basic services in the urban areas.

Moreover, access to government services such as education and health care are the weakest in rural areas.

Ladies and gentlemen, with the current global financial crisis and also the pending change in administration, we are often asked if the ANC would stick to the independence of the South African Reserve Bank next year. There is no question about that.

The way in which it has worked up to now is that the National Treasury coordinates with the SA Reserve Bank to establish the parameters within which the Bank operates, and the Reserve Bank operates independently to execute its mandate. There is no question of changing this practice.

You would be aware ladies and gentlemen, that exchange controls have saved the day for our country in the face of the global financial crisis. In the current environment it appears prudent to not make any dramatic changes to the current exchange control environment.

However, our view is that the policy of incremental relaxation of controls when conditions permit this to be done without disrupting the economy should continue.

With regards the managing of our budget, we want to see an improvement in output. For example, per capita spending on education is high by global standards, but the output in terms of skills is low. Making public sector spending more efficient, generating higher returns is an important objective.

In general, the balance sheet of Government is in good shape thanks to the good management and leadership of the national Treasury up to now, and we will continue to exercise prudent management and leadership is assessing and responding to changing circumstances.

With regards domestic politics, you would have heard that a few ANC members who failed to get elected into leadership positions at the ANC national conference and provincial conferences in 2007 are talking of forming a new political party.

We fought very hard to create a democracy within the framework of a robust Constitution and the rights of all citizens are enshrined in this. The development of other parties is the natural evolution of a democratic society.

We will compete with other political parties in electoral processes in exactly the same manner as before. However we will not allow those who are currently inside the ANC to use our party structures in which to develop a competing franchise, hence we have taken action to remove those who have indicated that they plan to leave.

With regards to climate change and the environment, acting together with other progressive forces, the ANC ensured that environmental rights were firmly entrenched in our Constitution so that both individuals and communities are able to defend their right to a safe and sound environment. This Constitutional base has provided the framework and orientation for a variety of laws.

The ANC has played a leading role in shaping global debates on environmental justice, including through our participation in the Rio Earth Summit, followed by South Africa's hosting of the World Summit for Sustainable Development in 2002. At these historic forums the ANC has consistently championed a progressive response to the environmental dimensions of development challenges facing Africa and the countries of the South.

The ANC will continue to provide leadership on environmental issues. This includes working with progressive forces in South Africa and throughout the world to ensure that environmental issues continue to receive the prominence they deserve.

Ladies and gentlemen, our country has matured in the last 15 years. Our democratic institutions are solid and effective. As the ruling party we will continue to defend and protect the Constitution of our country and its basic tenets.

We will defend principles such as the independence of the judiciary and the rule of law, the freedom of the media and the separation of powers, which provides much needed checks and balances.

While the South African political landscape sometimes becomes robust and aggressive, there should be no cause for alarm. There is no political crisis in the country. What you will hear from now until at least June next year will be the vibrancy that comes with any election.

We have gone through difficult moments smoothly, for example the recall of former President Thabo Mbeki. We believe we can weather any storm, as we all seek to put our country first before personal interests.

We request the continued support of the international community as we build a stronger, more prosperous South Africa.

I thank you.