US Secretary of State Hillary Clinton has described South Africa as "one of the most important emerging economies" in the world today and assured that the US wishes to work with this country to develop closer trade and economic ties.

She praised South Africa's financial policies, saying that few countries in the world have such good policies. "Frankly, we could learn a lot from your example."

She highlighted the relationship between the two countries, saying it illustrated the benefits of open markets and free trade. More than 600 US companies are active in South Africa, and, she stressed, more than 98% of South African exports to the US enter that country duty-free, thanks to the Africa Growth and Opportunity Act.

"We seek to deepen this relationship," she affirmed. "Economic ties between the US and South Africa have a lot of room to grow. We also wish to work with you on closer trade and economic opportunities." She expressed support for the proposal to create a US-South Africa Business Council.

"Africa is the most undeveloped and untapped market in the world," she pointed out, adding that it was also the region with the lowest level of intra-regional trade.

Clinton was addressing South African business leaders, government officials, and academics at a lunch hosted by Business Unity South Africa (Busa), the American Chamber of Commerce in South Africa, and other groups, at the Industrial Development Corporation's training centre in Sandton, on Friday.

At the start of her address, she relayed "warmest greetings from President [Barack] Obama." Citing his well-known link to the continent - his Kenyan father - she added that "he has a very deep level of interest in the development of Africa," and of US-South African relations.

Regarding the global stage, Clinton stated that "we are committed to completing the Doha Round" of world trade liberalisation negotiations, but cautioned that there were a lot of problems still be be dealt with.

She said that "this administration recognises that America cannot lead by the example of our power, but rather by the power of our example," and elicited warm applause from her audience when she affirmed the aim of the US was not to create a multipolar world but a multipartner world.

Earlier, when introducing Secretary Clinton, Busa CEO Jerry Vilakazi affirmed that "South African business would like to escalate its relationship with American business leaders," urging Clinton to take this message back to the US.