Zuma on a Mission to Attract More US Investment, Trade

Cape Times (South Africa), August 4, 2014 | Go to article overview

Zuma on a Mission to Attract More US Investment, Trade


BYLINE: Genevieve Quintal Washington

PRESIDENT Jacob Zuma and a ministerial delegation will spend three days in the US trying to encourage more trade and investment between the two countries.

Zuma, who arrived in Washington yesterday, will be leading the South African delegation at the US-Africa Leaders Summit hosted by President Barack Obama.

"The summit provides an opportunity to promote increased co-operation on Africa-US trade and investment as well as co-operation on peace and security, infrastructure development and other key sectors," presidency spokesman Mac Maharaj said yesterday.

"South Africa sees immense value in the Power Africa initiative of president Obama and an opportunity in it to promote Africa's energy projects as part of the continent's important infrastructure development programme."

The South African delegation would also spend time arguing why the African Growth and Opportunity Act (Agoa) should be renewed and why the country should continue to be included in it.

Last week Trade and Industry Minister Rob Davies, who is attending the summit, said South Africa wanted Agoa renewed for 15 years as it would have a positive effect on investor confidence.

Agoa is a non-reciprocal preferential scheme which applies only to US imports from eligible sub-Saharan Africa countries, for which South Africa qualifies. It was signed into law on May 18, 2000.

Maharaj said it was estimated that about 95 percent of South African exports to the US were permitted duty-free access through Agoa.

Today, Zuma would attend a breakfast at the US Chamber of Commerce where he would engage with chief executives as part of the US-South African Chamber of Commerce African business initiative session, Maharaj said. …

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