Cooperation between the government and business is boosting South Africa\u2019s prospects, despite the myriad challenges the economy faces, US Deputy Treasury Secretary Wally Adeyemo said. <\/p>\n\n\n\n
Adeyemo, who spent five days in South Africa meeting government and business officials, noted that the nation\u2019s economy is growing despite obstacles, including an electricity shortage and dysfunctional ports and freight-rail lines. <\/p>\n\n\n\n
That, he said, is partly due to companies collaborating with the state to fix the problems.<\/p>\n\n\n\n
\u201cComing to South Africa has left me more bullish on the South African economy than before I was here,\u201d he said in an interview in Bloomberg\u2019s Johannesburg office on Friday. <\/p>\n\n\n\n
\u201cIf they\u2019re able to reduce those headwinds, which they have the capacity to do, there\u2019s real opportunity for them to grow beyond expectations,\u201d he said of the country. <\/p>\n\n\n\n
Adeyemo\u2019s visit comes as the US and South Africa try to mend relations strained by Pretoria\u2019s refusal to condemn Russia\u2019s invasion of Ukraine and allegations \u2014 denied by the government \u2014 by the US ambassador that the African nation may have supplied arms to Russia. <\/p>\n\n\n\n
South Africa is also part of the BRICS political bloc alongside the US\u2019s geopolitical rivals, China and Russia. <\/p>\n\n\n\n
Here in Johannesburg, I spoke about the promise of US and South African democracies \u2014 that economic opportunity will not just be for the wealthy and well-connected, but for all our people.
A deeper economic relationship between our countries is critical. https:\/\/t.co\/WYDpfEN2Gm<\/a> pic.twitter.com\/FVGYjLdj1M<\/a><\/p>— Deputy Secretary Wally Adeyemo (@TreasuryDepSec) March 15, 2024<\/a><\/blockquote>