RMB and Amcham explores opportunities in Africa

Media Release

22 July 2024

Exploring Opportunities in Africa with RMB and the American Chamber of Commerce

US shares its full commitment to supporting the SA government on its journey of renewal and reform

On 16 July 2024, RMB and the American Chamber of Commerce (AmCham) brought together key U.S. investors, corporates and local business leaders to celebrate the partnership and potential between South Africa and the United States. With an inspiring keynote from U.S. Ambassador to South Africa Reuben Brigety, followed by economic analysis from Isaah Mhlanga, RMB’s Chief Economist, there was no doubt that the current South African political and economic landscape represents exciting growth opportunities for U.S. businesses.

South Africa is a crucial investment node for the United States

With its extensive natural resources, burgeoning population, growing middle class and technical know-how, the African continent provides a fertile ground to capture growth, with a wealth of untapped business opportunities. Isaah Mhlanga, RMB’s Chief Economist noted, “With the median age being between 18 and 19 years old, the demographic dividend alone is an important driver for future potential.”

U.S. Ambassador to South Africa, Reuben Brigety affirmed this potential, “South Africa is a major trading partner to the United States and serves as a hub to businesses seeking to expand on the continent. Recent governmental reforms will enhance this relationship even further. The streamlining of regulations and tackling of corruption is a clear signal that South Africa is open for business, making it an even more attractive destination for US investors.”

In his address, Brigety reflected further on the recent advent of South Africa’s Government of National Unity. “This transition represents a significant milestone for South Africa. As the US Ambassador I am privileged to witness this transformation first hand and share in its optimism and its aspirations. The US is fully committed to supporting the SA government on its journey of renewal and reform. We share the government’s goals of fostering economic growth, enhancing social justice and creating a more inclusive society. These efforts resonate deeply with the values and principles that the U.S. holds dear. Democracy, transparency and governance are the cornerstones of a prosperous and stable nation. In this spirit, we stand ready to explore new avenues of collaboration that benefit both our nations.”

Exploring new opportunities for investment

RMB and AmCham have a long-standing relationship, demonstrated by RMB’s membership of the AmCham board.

Kuseni Dlamini, Chairperson of AmCham said, “At the core of South Africa and the U.S.’s bilateral relationship is the trade between these countries. Over 600 businesses invest in SA, bring in technology, bring in skills and know how. We are committed to promoting pro-growth, pro-market and pro-developmental economies that benefit more people than they leave out. We appreciate South Africa as an anchor for the African continent from an economic development perspective.”

Brigety said, “The new government presents new opportunities to stimulate investment, drive innovation and create jobs. The U.S. is eager to support these developments, particularly in renewable energy, technology, infrastructural development, and the knowledge-based economy.” 

From an economic point of view, Mhlanga noted that the increased availability of data enables RMB to be more granular in how the bank considers investment opportunities in South Africa and the rest of the African continent. This cutting-edge data illustrates the full, diverse scope of potential opportunities available to investors on the African continent. This, combined with RMB’s successful execution of projects in over 35 African jurisdictions, can give investors the confidence to navigate the continent in all its diversity and challenges. 

Going forward, together

RMB has already begun collaborating on a number of business initiatives with the U.S., catalysed and supporting by their relationship with AmCham. This includes the Select USA Program and the Atlanta Phambili Initiative. The bank also recently opened an office in the U.S. as a pivotal step in connecting investors to the African continent.

As one of the l leading corporate and investment banks in the region, RMB is committed to contributing to economic growth, sustainability, and investment in greater capabilities of the continent.  AmCham and the U.S.’s ongoing support and renewed commitment will be key to helping institutions like RMB deliver appropriate and impactful solutions.

Ends.