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Investment mission to the USA

South Africa is seeking more investments from the United States. The Minister of Trade and Industry, Mr. Mandisi Mpahlwa, is leading an investment promotion mission to the East Coast in the next two weeks (17-23 March 2007).  It is the first time the Minister has led such a delegation to the US.

The public-private sector mission will visit New York, Chicago and Detroit to promote investment in the BPO, ICT, biotechnology, automotive and financial services sectors.

Speaking at the pre-departure briefing to announce the mission, Iqbal Sharma, Chief Director, International Trade at DTI, says that these five sectors were chosen “because that’s where we think the quickest bites will be."

"While investment from the US has been good, this mission aims at increasing investment in existing sectors as well as highlighting new opportunities in which South Africa has pockets of excellence that can be grown with US investment."

Responding to questions about how the South African delegation will respond to concerns about BEE, Sharma said that "government’s BEE regulations are aimed at changing the way business is conducted in South Africa. BEE is a mechanism to promote equitable growth and development in a sustainable manner. The experience of BEE has shown that not only is it a moral imperative, but it also makes excellent business sense."

Commenting on the response to the mission, Sharma says, "The level of interest has been very positive and we expect some important investment announcements to be made as a result of the mission."

Minister Mphalwa will address an investment conference in New York and will highlight South Africa’s economic success and the strong support the government is giving to the outsourcing industry.

Says Margaret Dingalo, Stakeholder Relations Director at the International Marketing Council of South Africa (which has partnered with the DTI to host this Mission) "Our US investment drive will showcase the boundless possibilities available to investors.  We believe that such initiatives will help achieve South Africa’s 6% growth target, as well as enhance our tourism, trade and investment prospects ahead of 2010."

The IMC's Margaret Dingalo and Dr Raymond Ngcobo, Chief Director, Strategic Competitiveness Unit (EIDD).

Ends

Issued by: Meropa Communications
On behalf of the Department of Trade and Industry and the International Marketing Council of South Africa

Enquiries
For more information about the mission, or to schedule interviews, please contact:
Mr. Brian Soldaat, Investment promotion & facilitation, Department of Trade and Industry
Telephone: 012 394 1238/ 082 635 7174
Email: