Gauteng Economic Development, Agriculture, Environment and Rural Development MEC Parks Tau and US Consul General in Johannesburg Vincent Spera have pledged to deepen cooperation and coordination to promote and increase bilateral trade and investment through various engagements, events and high-level interactions.
This follows the US Consulate General in Johannesburg and the Gauteng provincial government jointly launching the Gauteng provincial government – government of the US: Trade-Investment Framework on March 10.
The trade-investment framework intends to foster an equitable partnership to pave the way for agency-to-agency collaboration between the two governments, in five key areas, including digital technologies and information and communications technology, and urban development/township economy, tourism and creative industries.
It also aims to increase collaboration in transportation, infrastructure and logistics; agriculture; and climate and energy.
The Gauteng provincial government and the US government believe the framework will help provide structure to continued engagement, provide greater growth and prosperity for both South Africa and the US, and encourage policies that increase openness and competition within the region.
Speaking at the launch, Tau said the US is a key tourism and business market for Gauteng, and the biggest source of foreign direct investment (FDI) for the Gauteng province.
Spera added that the trade-investment framework builds on the US government’s strong relationship with Gauteng and its commitment to increasing its already robust trade and investment. “We fully appreciate the central role that Gauteng plays in driving South Africa’s economy.
“We also know that that Gauteng province’s economic potential, increasing integration into global markets, and expanding infrastructure provides a remarkable opportunity to enhance US trade and investment ties in South Africa and across the continent,” he said.
The economic relationship between the US and Gauteng provincial government is growing – in 2020, bilateral trade grew despite the Covid-19 pandemic, reaching a record $21-billion in 2021.
US-sourced FDI created many jobs, with hundreds of companies in Gauteng exporting to the US as part of this reciprocal trade.
Gauteng companies are also establishing operations in the US or forming commercial partnerships with US companies, with the trade-investment framework intended to build on these and many other past successes.