The US Chamber of Commerce announced Wednesday that the US wants to double its investment in Africa by 2025.
The announcement was made as part of Pres. Cyril Ramaphosa’s Investment Conference, held in Johannesburg.
According to the chamber, more than 600 US companies in South Africa invest a substantial amount, which according to the chamber represents 10% of the country’s gross domestic product (GDP).
10% of South Africa’s current GDP is in the region of $ 35 billion. This is according to World Bank figures.
By 2025, the chamber wants more than 1,000 US companies operating in South Africa and contributing more than 15% of GDP.
“Today, partly thanks to Pres. Ramaphosa’s commitment to economic reform in South Africa is well placed to double its direct foreign investment in the region by 2025, “said Scott Eisner, President of the US-Africa Business Center at the Chamber of Commerce.
“We look forward to strengthening investment ties between the US and South Africa by serving as a platform for commercial talks at the most senior level of business and government.”
Farid Fezoua, president and CEO of General Electric Africa and GE Healthcare Africa, will chair the board.
