South Africa And Atlanta Forge Partnership To Boost Investment
December 7, 2024
The goal is to foster business between Atlanta and South Africa, leading to shared economic growth.
South Africa has signed a pledge with the city of Atlanta, Georgia, to bolster the connection between community leaders and increase United States investment in South Africa. The signing of the pledge occurred on Dec. 5 and was held during a trade and investment seminar hosted by the Department of Trade, Industry, and Competition at the Standard Bank headquarters.
The initiative marks a joint effort by the U.S. and the South African government to continue to promote a partnership and exchange between the two countries.
According to Engineering News, South Africa and the U.S. have a strategic partnership, as the States will help South Africa expand their investment overseas, supporting the “African agenda, economic integration, peace, security, and post-conflict reconstruction, and was a leading source of foreign direct investment (FDI).”
The signing event was hosted by the Atlanta Phambili initiative launched in March. Iin attendance was Atlanta Mayor Andre Dickens, U.S. Ambassador to South Africa Reuben E. Brigety, Standard Bank CEO Sim Tshabalala, Gauteng Agriculture and Rural Development MEC Vuyiswa Ramakgopa, and Department of International Relations and Cooperation Deputy Director-General Maud Dlomo.
The pledge details growing shared democratic values and enduring friendly relations between South Africa and Atlanta while maintaining the long-standing history of civil rights, African diaspora connections, and the economic opportunity between Atlanta And South Africa.
The pledge states, “We commit to strengthening bilateral relations through the Atlanta Phambili initiative, leveraging the city of Atlanta and cities across South Africa as gateways to foster meaningful and lasting cooperation between our nations.”
It continues, “Through sustained engagements, we aim to foster shared prosperity, promote stronger trade and investment ties, increase knowledge exchange and technical collaboration, and deepen people-to-people cooperation.”
The Atlanta Phambil, a Georgia-based diplomacy initiative, played a pivotal role in the event. Committed to leveraging the economic and political resources of the U.S. Mission to South Africa, the organization focuses on fostering trade and strengthening economic ties between African businesses and those in the United States.
U.S. Ambassador Brigety explained, “We want to strengthen South Africa’s position as a premier destination for U.S. investors seeking to expand across the continent. Atlanta can bring experienced voices and institutional investors to the table for conversations about how we derisk investment in Africa and accelerate the continent’s global competitiveness.”
Dlomo added, “With this initiative, we envision and commit to working towards the intensification of trade and investment partnerships, people-to-people cooperation, and small business [development].”
Standard Bank CEO Tshabalala recognized the importance of this pledge at this particular time for South Africa, as the region has been growing rapidly as an economic and political juggernaut. “Start right here in South Africa. Why? Because South Africa is Africa’s largest, most industrialized, and most sophisticated economy, and because we have the strongest economic links both to the world economy and to the other economies on our continent,” he stated.
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