"We are pleased to be working with you [Obama] today with a common goal of expanding trade and relations between our two countries," said Zuma in Pretoria on Saturday.
"Mr President [Obama] you are visiting Africa at the right time … Africa is rising … It is the second fastest growing region after Asia and has become an attractive market for investment."
Zuma said the country was shifting from "disinvestment to reinvestments".
"Thus the United States strategy towards sub-Saharan Africa that you [Obama] launched last year is well timed to take advantage of this growing market," said Zuma.
"We look forward to strengthening the US-Africa partnership and we are pleased with the growing bilateral trade and investment."
There are 600 US companies operating in South Africa which have created in excess 150 000 jobs.
He said the US was a major export market for South African products.
Increased investment in SA economy
"South Africa in turn is your biggest market in Africa, accounting for more than $7-billion of exports," said Zuma.
"Our mutual trade has reached the levels preceding the global recession."
Zuma said he would like to see increased investment in the South African economy for mutual benefit arising out of Obama's visit.
"We have placed on the table bankable projects which range from infrastructure development to skills development for the youth … "
Zuma said youth development was a key focus area for South Africa given that a third of the population is under the age of 15.
"Mr president, let me welcome you, your family and your delegation to South Africa," said Zuma, despite several protests against Obama this week.
He added that South Africa remained concerned at the lack of progress in the Middle East peace process.
"We are of the view that lasting peace in the Middle East will not be possible without addressing the other problems in the region.
"We are encouraged by the positive steps you [Obama] have taken to relax long-standing restrictions."
China threat
On investment, Obama said he was not threatened that other countries, led by China, were investing in Africa.
The more countries that come to Africa, "the merrier", he said, but warned that Africa should be cautious of outside investment. – Sapa