Mayor Mashaba asks for American dollars

20 October 2017

 

The City of Johannesburg’s Executive Mayor, Cllr Herman Mashaba, has told the American Chamber of Commerce in South Africa that he wants the US foreign direct investment in Jozi.

 

Addressing the chamber’s delegation of business leaders, Mayor Mashaba said: “I want your American dollars in a form of foreign investment into Johannesburg in order to grow the local economy and create jobs. This is the right time to invest in South Africa, in particular in Johannesburg.”

The chamber is affiliated to the United States Chamber of Commerce, the world’s largest business federation that represents almost 3 million businesses of every size and is based in Washington DC. Through the chamber, American and South Africa business people are able to come together and promote their mutual interests.

The delegation was led by US Consul General Michael A McCarthy and Stuart Clarkson, President of American Chamber of Commerce and Managing Director of Fidelity ADT on Thursday evening, 19 Oct 2017.

Clarkson told Mayor Mashaba and Members of the Mayoral Committees in the City of Joburg that his organisation was committed to seizing the opportunities offered by the City.

“The presence of American business in South Africa is an indication that we want to work with your administration. There is about 600 US companies operating in South Africa,” said Clarkson.

Clarkson said about 89 of these companies contribute about R270 billion to the South African’s economy. According to Clarkson, an estimated 200 000 jobs have been created by the American companies in South Africa.

Mashaba said under his new administration, Johannesburg has all the right ingredients to attract investment, as the City was creating a sense of security through improved public safety, transparent government, the City that fights corruption, enhancing financial sustainability and all these are cornerstone to growing the economy.

“We need to run the municipality like a business, in order to deliver services better. The challenges we have in Johannesburg, offer plenty of opportunities for business to invest,” said Mashaba.

Mashaba said, some of these challenges that are facing the City and at the same time offering the opportunity to invest, include the inner-city that has dilapidated, housing backlog of over 300 000 with 158 000 on the free housing list.

“The City of Johannesburg is facing challenges of 33, 2% youth unemployment; high rates of poverty and inequality; severe safety concerns and inadequate police visibility. We have passed the total budget of R56 billion in 2017/2018 that will responds to the service delivery and the basics right,” said Mayor Mashaba.

Clarkson said the chamber will continue to work with City of Johannesburg. “We have commissioned a study to look at the business and investment opportunities within the City of Johannesburg.”