US consul general visits PE on business mission

With more than 600 United States companies doing business in South Africa, there are even more avenues to explore, expand and grow investment and trade between the two countries, US consul general Teddy Taylor said. “It is hard to do this when you are in an economic slide but we think there are ways to increase growth and we want to explore,” he said. “There are sectors in the economy where we think there are mutual interests in the same growth.” Taylor, who was in Port Elizabeth yesterday to discuss economic growth possibilities with mayor Athol Trollip, said South Africa remained an important business partner to the United States. “Africa has about one billion people and an economy of about 2.4-trillion US dollars. South Africa’s 55 million people are roughly 5.5% of the African population. “They contribute R360-billion or 15% of the African economy. “Foreign direct investment to Africa is R55-billion per year, with about R7-billion of that, or 13%, coming to South Africa.” He said with proper growth and opportunities these figures could increase exponentially. One avenue the US was interested in was the renewable energy sector, he said.