South Africa deepens US business ties at UN General Assembly sidelines

President Cyril Ramaphosa on Monday said South Africa was strengthening trade and investment ties with the United States, following a series of high-level engagements with US companies, lawmakers and government officials in New York last week.

The meetings took place on the sidelines of the United Nations General Assembly and included a South Africa–US Trade and Investment Dialogue, convened by the US Chamber of Commerce, the world’s largest business advocacy organisation.

In his weekly newsletter, Ramaphosa said the engagements demonstrated growing confidence in South Africa’s economic reforms and its long-term growth prospects.

“The optimistic, future-focused tone of this important engagement underscored how, beyond the headlines and debates around trade policy and political frictions, US and South African businesses are forging ahead,” he said.

“Many US companies already have operations in South Africa, while others expressed keen interest in investing. All commended the reforms being undertaken by government and the prospects for growth in our economy.”

Addressing the dialogue, the President of the US-Africa Business Center of the US Chamber of Commerce Kendra Gaither said that there was “no economic relationship more foundational than the ties that the US and South Africa have”.

She said it was a vital relationship that merits dedicated attention. 

As part of efforts to formalise and expand cooperation, South Africa announced the establishment of the South Africa–United States Trade and Investment Forum, which will be launched at next year’s South Africa Investment Conference.

Ramaphosa highlighted opportunities for US investors in sectors including critical minerals, agriculture, pharmaceuticals, healthcare, advanced manufacturing and technology.

“South Africa is positioning itself as an investment destination for critical minerals, with the digital transition and the global move towards net zero driving global demand. We also had the opportunity to engage with US industry around investment opportunities in agriculture, pharmaceuticals, healthcare, advanced manufacturing, technology and other key sectors,” Ramaphosa said.

“These engagements with business take place alongside discussions with the US administration around a reciprocal trade agreement. Our Department of Trade, Industry and Competition has been meeting with the US Trade Representative to finalise an agreement that benefits both our countries.”

The US Chamber of Commerce is also expected to send a high-powered delegation, led by its CEO, to the upcoming B20 Summit — underscoring the resilience of commercial ties between the two countries.

There are currently more than 600 US companies operating in South Africa, making the country the second-largest African destination for US exports.

On trade policy, Ramaphosa reiterated South Africa’s support for the renewal of the African Growth and Opportunity Act (Agoa), which the Chamber of Commerce has called the “cornerstone of US-Africa commerce”.

He said South Africa is also pushing for a reciprocal trade agreement with the US while advancing the African Continental Free Trade Area as a tool to boost investment and market access.

“As a country we will continue to advocate for the principle of reciprocity in investment and trade relations with the US. As the presence of US companies on South African soil continues to grow, we want to expand the number of South African companies operating in the US market, thereby creating more jobs for Americans,” he said. 

“As the official talks around trade tariffs continue, we take to heart the words of the US Chamber of Commerce representative at the recent dialogue, that expanding commercial partnerships “happens one deal, one investment at time”. Our engagements in the US show that South African and US businesses remain deeply connected and are committed to mutually beneficial partnerships well into the future.”

BUSINESS REPORT