HILLARY CLINTON PLEDGES U.S. SUPPORT FOR SOUTH AFRICA ECONOMIC GROWTH.

by Frank Marafiote
08/08/2009

In a speech yesterday at an International Business Corporation event in Johannesburg, South Africa, Hillary Clinton lauded the economic gains made in South Africa in particular and in the African continent as a whole.

Saying that the U.S. could learn a great deal from South Africa's "example," she added:

South Africa, as a member of the G-20 and one of the most important emerging economies of the world, is uniquely positioned to advance its own economic trajectory and to propel economic growth on the African continent as a whole. Looking at the world map today, it isn’t easy to find countries with financial and economic policies that have been as sound as South Africa’s. And I know how difficult that is. But I also recognize that these policies have translated into good credit and low levels of debt, banks that are solvent and well-regulated and largely free of the type of bad loans that led to the bank failures in my country and others that helped to fuel this economic crisis that swept across the globe. Frankly, we could learn a lot from your example.

Hillary also reminded her audience of the importance of spreading democracy and economic equality to African states that are still embroiled in civil unrest:

It is a simple fact that investors are not attracted to states with failed or weak leadership, crime and civil unrest or corruption that taints every transaction and decision. In the political decisions that were made in this country after apartheid, you can see an engaged citizenry that turned out in such huge percentages for the presidential election and the constitution. And therefore, South Africa has both the stature and the experience to bring to the dilemmas facing a lot of other countries.

She reaffirmed the U.S. commitment to engaging South Africa economically and gave her support to a U.S. - South Africa Business Council:

. . . economic ties between the United States and South Africa have a lot of room to grow. One of the promising ideas is a U.S.-South Africa Business Council, or as you might prefer, South Africa-U.S. Business Council. (Laughter.) And we intend to follow up on that. When a delegation comes to the Corporate Council for Africa meeting in Washington next month, we will begin with discussions that will lead, we hope, to the establishment of such a council.

You can read the complete text of Hillary's comments here.