On March 10, the U.S. Consulate General in Johannesburg and the Gauteng Provincial Government jointly launched the Gauteng Provincial Government of South Africa – Government of the United States of America: Trade-Investment Framework.
At the launch event, the Member of the Executive Council (MEC) for Economic Development, Agriculture, Environment, Agriculture and Rural Development, Parks Tau, and the U.S. Consul General in Johannesburg, Vincent Spera, pledged to deepen cooperation and coordination to promote and increase bilateral trade and investment through various engagements, events, and high-level interactions.
The Trade-Investment Framework will foster an equitable partnership to pave the way for agency-to-agency collaboration between the two governments, in the following key areas: (1) digital technologies and information and communications technology (ICT); (2) urban development/township economy, tourism, and creative industries; (3) transportation, infrastructure, and logistics; (4) agriculture; and (5) climate and energy. The Gauteng Provincial Government and the United States government believe the working group framework will help to provide structure to our continued engagement, provide greater growth and prosperity for both South Africa and the United States, and encourage policies that increase openness and competition within the region.
Speaking at the launch, MEC Tau said, “The United States is a key tourism and business market for Gauteng, and the biggest source of foreign direct investment for the Gauteng province, so I am excited about the potential for further investment and economic growth for both regions through the Trade-Investment Framework.”
Consul General Spera said, the “Trade-Investment Framework” builds on our strong relationship with Gauteng and the U.S. government’s commitment to increasing our 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 U.S. trade and investment ties in South Africa and across the continent.”
The economic relationship between the United States and Gauteng Province is robust and growing. In 2020, bilateral trade grew despite the COVID-19 pandemic and reached a record 21 billion USD last year. U.S. sourced Foreign Direct Investment (FDI) has created more jobs than any other country. Hundreds of companies in Gauteng export to the United States as part of this reciprocal trade. Gauteng companies are also setting up operations in the United States or forming commercial partnerships with U.S. companies. The Trade-Investment Framework looks to build on these and many other past successes.
Distributed by APO Group on behalf of U.S. Embassy & Consulates in South Africa.