Doing business in Africa is
not about “if”, it’s about “how”
and “when” and United States
companies have to facilitate
free trade market access,
says Jeff Nemeth, president
of the American Chamber of
Commerce (AmCham).
Speaking at an AmCham
event in Johannesburg
earlier this month, he said
that approximately 80%
of US companies who
invested in Africa were
driving their businesses out
of South Africa. “There is
currently a R233-billion US
investment in South Africa,
with American companies
employing 150 000 South
African workers,” he noted.
Coca Cola, which
selected South Africa as its
first African investment
destination during the 1920s,
will double its investment
in the continent for the next
decade (2010 to 2020) to
a total of R12 billion. The
company believes investment
in Africa can only succeed if
a long-term view is adopted,
Therese Gearhart, business
unit president for Coca Cola
southern Africa, said.
Other major companies
looking to expand their
investment in the continent
include Massmart, Microsoft
and the global banking group,
Citi.
INSERT & CAPTION
There is currently
a R233-billion US
investment in South
Africa, with American
companies employing
150 000 South African
workers.
– Jeff Nemeth
