Ramaphosa Seeks to Attract Investment from Elon Musk and U.S. Amid Trade Deal Uncertainty
President Cyril Ramaphosa meets Elon Musk in New York as part of an investment charm offensive, seeking U.S. business partnerships amid concerns over the Agoa trade deal and ahead of South Africa’s G20 summit.
Ramaphosa Courts Elon Musk and U.S. Businesses in Investment Drive Amid Agoa Uncertainty
President Cyril Ramaphosa is making significant strides in attracting international investments, with his latest efforts focused on securing the interest of South African-born U.S. billionaire Elon Musk. The two met in New York on Monday, where discussions centered around potential investments in South Africa, including the possibility of opening the market for Tesla’s Starlink services and exploring the establishment of a Tesla plant in the country.
Ramaphosa’s meeting with Musk comes as part of a broader investment charm offensive aimed at bolstering foreign direct investment (FDI) and strengthening South Africa’s economic ties with the United States. Accompanied by Trade and Industry Minister Parks Tau and other officials, Ramaphosa’s delegation aims to secure U.S. business interest in the wake of concerns surrounding the African Growth and Opportunity Act (Agoa) trade deal.
Engaging U.S. Business Leaders
Earlier in the day, Ramaphosa and his team engaged with executives at the New York Stock Exchange (NYSE) and key business organizations such as the Business Council for International Understanding (BCIU). The president also had the honor of ringing the closing bell at the NYSE, marking a symbolic moment in his efforts to highlight South Africa’s economic potential on the global stage.
In a post on X (formerly Twitter), SABC’s US and UN bureau chief Sherwin Bryce-Pease shared images of Ramaphosa’s meeting with Musk, emphasizing the focus on FDI and engagement with U.S. business leaders.
Tesla and Starlink in South Africa
While the meeting with Musk included discussions about Starlink, Tesla’s satellite internet service, there were also conversations about the possibility of bringing a Tesla manufacturing plant to South Africa. This could mark a significant development for South Africa’s tech and automotive sectors, potentially creating jobs and boosting the country’s role in sustainable technology production.
Agoa Trade Deal and G20 Summit
Ramaphosa’s visit comes at a critical time as the U.S. government is considering whether to extend South Africa’s participation in the Agoa trade deal, which provides duty-free access to the U.S. market for over 1,800 products. The uncertainty surrounding Agoa, coupled with Donald Trump’s tough stance on trade barriers, has raised concerns that South Africa may lose access to these benefits in 2025.
In addition to securing trade agreements, Ramaphosa’s visit also comes ahead of South Africa hosting the G20 summit next year. The event will bring together major global economies, including the U.S., UK, China, and Germany, and will be a prime opportunity for South Africa to showcase its investment potential.
Strengthening Global Relations
This trip follows Ramaphosa’s recent state visit to China, where he sought to strengthen trade relations with another major global economy. With the U.S. election approaching in November and either Donald Trump or Kamala Harris poised to lead, securing South Africa’s participation in Agoa and ensuring the future U.S. president’s attendance at the G20 summit is critical for the country’s continued economic success.
