Photograph: Herman Potgieler

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The Department of Commerce is not the only US entity thatis involved in the promotion ofprivate enterprise developmentin this area. The US Agency for International Developmenthas pledged over $400 million to develop an overall strategythat targets key housing and electrification needs and growthof the black private sector through several initiatives.

These efforts are designed to improve the availability ofaffordable housing; expand electrification in disadvantagedareas; and provide working capital and equity capital throughcredit guaranty mechanisms and an Enterprise Fund, as well asprovide technical assistance.

With the lifting of trade sanctions by other African coun­tries, South Africa, where exports and imports account formore than 50 per cent ofthe country's gross domestic product,is being viewed by both foreign and domestic companies asthe springboard to southern African regional markets.International financial institutions are very optimistic aboutmounting major development programs within South Africaand providing much of the capital needed for social probrrams.At least three American financial groups have raised privatecapital funds for investment in South Africa.

Although the South African economy is moderate by inter­national standards, it is the largest and most widely developedon the African continent. It has a modern infrastructure and itsfinancial, legal, communications, energy and transport sectorsare well-developed.

The economy, based on manufacturing, mining, agricultureand services, boasts a global trade surplus ofalmost $1 billion. The Johannesburg StockExchange ranks among the top ten in theworld. The United States recognizes thatSouth Africa, as the economic superpower ofthe African continent, has the potential tooverhaul its economic system, open itsimport market, expand its export market and

become more internationally competitive.A clear commitment to stimulate the return of American

finns to the South African market has been expressed by gov­ernment officials and political parties in South Africa.

The focus of these and other groups has been to generate ashared vision of the path for economic growth and to confrontthe socio-economic disparities created by apartheid.

On my visits to South Africa, both on my official trade andinvestment mission and as part of the official United Statesdelegation to the inauguration of President Mandela, I foundmost South Africans positive and optimistic about the future.

The steps being taken to repair the economic state of thecountry - the break down of the apartheid system, the liftingof sanctions, the emergence of South African products inworld markets - all are signs that a new era is dawning.

As the South African market continues to grow, the possi­bilities offortified commercial ties with the United States alsocontinue to expand.

The Clinton Administration strongly supports this newrelationship.

•This is the first time in 30 years that an aggressive US trade

promotion program has been planned around South Africa. Inaddition to teleconferences and trade missions in regard tohousing, health care, telecommunications, electrification andinvestment and financial services sectors, a Department ofCommerce certified trade exhibit, the "Made in USA TradeExpo," will showcase a broad range of American productsand services in Johannesburg. Specific steps also are beingtaken to encourage joint ventures between US business peo­ple and disadvantaged business people in South Africa. TheDepartment of Commerce initiative has two parts:

o I personally have appointed Millard Arnold as the US andForeign Commercial Service Minister Counselor forCommercial Affairs in South Africa, our highest rankingForeign Commercial Service Officer;o I have designated South Africa as one of the world's 10 BigEmerging Markets - a distinction that means added impor­tance to the country's bilateral trade picture with the UnitedStates and a concentration on trade advocacy and focus;o A United States-South Africa Business DevelopmentCommittee has been created to expand bilateral commercialdialogue and partnerships;o A major market research program has been initiated inSouth Africa to assist US finns in introducing their products;o A major trade promotion program have been designed tolast at least through the next two years.

o A partnership with OPIC to introduce US investors toappropriate majority South African business persons; ando A planned "Minority Matchmaker" trade mission to SouthAfrica to meet with South African counterparts.

Africa including the US commitment toimmerse our private sector in the construc­tion of a new South Africa after the lifting ofsanctions and the President's emphasis on

• assisting the emerging black private sector inSouth Africa. The enactment of the SouthAfrican Transition to Democracy SupportAct; my trade and investment mission in

November 1993; and the heightened US financial profile inSouth Africa are proof of this unwavering pledge of support.

The delegation of US government and high-level privatesector leaders that I led on the trade and investment missionwas requested by President Clinton to explore business oppor­tunities, particularly with South Africa's black private sector,and to work towards creating an environment in South Africaconducive to foreign investment. This mission paved the wayfor the signing of a bilateral operating agreement with theSouth African government on behalf of the Overseas PrivateInvestment Corporation (OPIC), to permit the application ofOPIC programs there.

The United States Department of Commerce is especiallycommitted to South Africa's economic reconstruction. Wehave launched a five-pronged initiative to promote trade andinvestment in South Africa:

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