A delegation from the JSE, along with a high-level delegation of South African business leaders and public sector representatives, visited New York this week to promote the country as a favourable investment destination to US-based institutional investors.

The South African delegation hosted the South Africa Macro Seminar in New York, where discussions focused on the importance of boosting bilateral trade and economic cooperation between the two countries in the wake of the Covid-19 pandemic.

“South Africa has a robust investment case offering attractive opportunities across a range of sectors and asset classes. The JSE has an opportunity to encourage and facilitate further growth in investment flows between the two countries. The structural reforms that South Africa is implementing have strengthened the investment case for our country,” said JSE CEO Dr Leila Fourie.

The US is South Africa’s third-largest trading partner after China and the European Union, with more than 600 US companies operating in South Africa in a range of sectors, including manufacturing, technology, finance, insurance and wholesale trade.

According to the Department of Trade, Industry and Competition, the US accounts for 17.4% of total South African outward foreign direct investment to the world, and the US ranked as the second-largest destination for South Africa’s exports globally in 2021.

Further, the delegation gave investors an update on the progress made so far by South Africa in implementing its Economic Reconstruction and Recovery Plan and Operation Vulindlela – two key initiatives that are considered critical to stimulating economic growth and attracting investment.

In September, South African President Cyril Ramaphosa met with US President Joe Biden in Washington DC, where the two leaders agreed to establish a joint task force on trade and investment to expand bilateral economic ties between the two countries, the JSE pointed out.

The Presidents also affirmed their commitment to the just energy transition and agreed that South Africa required more funding to transition from fossil fuels to clean energy.

Meanwhile, in 2023, South Africa will host the African Growth and Opportunity Act (Agoa) Forum, which will map the next phase of Africa-US trade relations to ensure that Agoa is beneficial to both the US and South Africa, the JSE said.