Interactive Travel Map | Text the Secretary | Behind the Scenes PhotosYesterday, Secretary Clinton met with business leaders through the International Development Corporation in Johannesburg, South Africa. Secretary Clinton said:"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.
You have also taken other steps critical to economic progress that are all too rare on the African continent. You’ve shown a willingness to embrace political reconciliation and adopt a modern, progressive constitution, to diversify your economy, to include women more broadly as citizens and entrepreneurs, and to adapt new technology to the challenges that we face today. So these factors have all contributed to South Africa being able to expand trade, attract investments, create jobs, and build a dynamic economy that has become a springboard for investors not only here, but those looking for opportunities beyond your borders.
But while other countries in Africa have also made impressive gains over the past decade, the global economic crisis has, you know well, stalled much of that progress and created dangerous instability in many places. It has taken a toll here as well in unemployment and other economic setbacks. But if you look at the underlying fundamentals, South Africa is in a promising position to move forward when we all move out of this global recession, to achieve its own recovery, and to help economies in the region as well."
Read the Secretary's full remarks at International Development Corporation's event in Johannesburg, South Africa.