South African President Cyril Ramaphosa acknowledged that this year's AGOA Forum is taking place at a time when the world is facing difficulties from climate crisis challenges, raging wars, high inflation in a number of countries, and anaemic economic growth,as seen by the World Bank and the IMF, in his opening address in Johannesburg.
South African President Cyril Ramaphosa acknowledged that this year's AGOA Forum is taking place at a time when the world is facing difficulties from climate crisis challenges, raging wars, high inflation in a number of countries, and anaemic economic growth,as seen by the World Bank and the IMF, in his
Ramaphosa declared that the era of Africa being solely viewed as an exporter of raw materials, like rock, soil, and dust, is over as the continent's ambition lies in manufacturing finished or near-finished products that find utility in various corners of the world, aiming to"maximize the value of our products". strengthening trade and investment ties between the U.S.
In 2021, the U.S. was the second most significant destination for South Africa's exports worldwide, mainly thanks to AGOA. China took the top spot; Germany was third. The U.S. ranked third as a source of South Africa's imports, following China and Germany. AGOA offers preferential entry for about 20% ofto the US, or 2% of South Africa's global exports. The stock of South African investment in the US has more than doubled since 2011, amounting to US$3.5 billion in 2020.
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