Posted: February 17, 2019
Deputy Minister Magwanishe to participate in the 22nd Annual Wall Street Project Economic Summit
|The Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe will travel to the United States of America tomorrow to participate in the 22nd Annual Wall Street Project Economic Summit taking place in New York from 20 – 22 February 2019. The theme for the Summit is “400 Years Later: Closing the Wealth Gap, Expanding Opportunity”. The event will focus on how to expand wealth opportunities; supplier diversity opportunities; and diversity and inclusion for minorities and women.
The Summit will bring together entrepreneurs, corporate executives and leading US members of Congress. Speakers at the summit include the host, Reverend Jesse Jackson, Congresswoman Ms Maxine Waters, Congressman Mr Emanuel Cleaver, Congressman Mr Gregory Meeks, Reverend Al Sharpton, President and CEO of CVS Health Mr Larry Merlo; and the CEO and CIO of Ariel Investments, Mr John Rogers Junior.
Magwanishe will share the stage with Reverend Jackson and Congresswoman Waters. He will address the Wall Street Project Business Luncheon to outline trade and investment opportunities in South Africa.
Magwanishe says globally, the US accounts for 7% of South Africa’s total exports to the world and ranked 2nd as export destination for South African export products in 2018.
“Bilateral trade between South Africa and the US has shown tremendous growth in the past few years. Total trade has increased from R141 billion in 2014 to R161 billion in 2017 but declined slightly to R157 billion in 2018,” indicates Magwanishe.
According to Magwanishe, bilateral trade between the US and South Africa is almost balanced with South Africa mostly enjoying a trade surplus against the US mainly due to exports of primary products and commodities. However, Magwanishe says in terms of manufactured exports, the U.S. continues to enjoy a trade surplus.
Magwanishe adds that the US remains one of the key sources of foreign direct investment for South Africa, with bilateral investments at approximately R2.2 trillion in 2016. There are about 800 US companies doing business in South Africa. Similarly, an increasing number of SA companies is investing in the United States. Of the $4.2 billion foreign direct investment stock in the USA from Sub-Saharan African, $3.1 billion originated from South Africa.
While in the United States, Magwanishe will also meet with existing and potential investors into South Africa that are looking to take advantage of the market access created by the African Continental Free Trade Area that aims to create a market of 1.2 billion people with GDP of $3.3 trillion.