Executive Mayor Herman Mashaba declares the City of Johannesburg in Gauteng South Africa Open for Business

While the South African economy faces a number of challenges, Johannesburg, as the economic hub of Africa hosting 29 Fortune 500 companies, represents a wealth of opportunity for the international investment community. Showcasing what Johannesburg has to offer in this regard is the key purpose of the tour.

In addition to investment promotion, the delegation also learned about City Development Best Practice through meetings with various agencies such as the New York City Economic Development Corporation, the Harlem Community Development Corporation and Greater New York Chamber of Commerce. The Executive Mayor also conducted a business meeting with Mr Mike Bloomberg, former mayor of New York on key areas of mutual interest.

The trip has highlighted a number of similarities between New York and Johannesburg in terms of the challenges faced in building a safe, socially cohesive and economically vibrant city. The lessons that were learnt by Johannesburg from cities such as New York and Washington are key to achieving Mayor Mashaba’s goal of 5% economic growth, which reduces unemployment, by 2021.

This is vital to ensure that the City of Johannesburg reaches its full potential as a true economic power house capable of bringing its residents out of poverty and building a more inclusive society.