FOR IMMEDIATE RELEASE                                                 

July 20, 2009                                                                               

CONTACT: Nicole Amarteifio, (202) 263-3538,          

Washington, D.C. — The Corporate Council on Africa (CCA) today announced it will host a U.S.–South Africa Business Dialogue in Washington, D.C., on October 2 – 3, 2009.  The dialogue between key U.S. and South African business leaders comes on the heels of CCA’s 7th Biennial U.S. – Africa Business Summit. 

The dialogue will focus on building upon South Africa’s recent credit rating achievements and identifying commercial opportunities between the U.S. and South Africa.  Under the administrations of U.S. President Barack Obama and South African President Jacob Zuma, a reinvigorated emphasis is being placed on identifying new policies needed to advance bilateral relations between the two countries. This includes trade and investment relations. 

Last week, Moody’s Investors Service upgraded South Africa’s foreign currency rate from Baa1 to a coveted A3.  This rating has the potential to help lower the costs of the country’s foreign debt and attract foreign investment. 

“South Africa’s position as a trade and investment destination should not be overlooked,” said Stephen Hayes, president and CEO of CCA.  “Moody’s should be applauded for highlighting why South Africa is a key player in the global business community and Africa’s number one economy.”

South Africa is a middle-income country with well developed infrastructure in finance, law, energy, communications and transportation.  The Johannesburg Stock Exchange (JSE Limited) is ranked among the top 20 in the world.  As South Africa prepares to host the 2010 FIFA World Cup, its economy is expected to see a $6 billion boost from construction investment with a further $2 billion in revenue from the expected 1.5 million tourists.

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About The Corporate Council on Africa

Established in 1993, The Corporate Council on Africa is a nonpartisan 501 (c) (3) membership organization of nearly 180 U.S. companies dedicated to strengthening the commercial relationship between the U.S. and Africa.  CCA members represent nearly 85 percent of total U.S. private sector investments in Africa. The organization is dedicated to bringing together potential business partners and to showcase business opportunities on the continent.  For more information on Corporate Council on Africa, visit: africacncl.org.