This week, the U.S.-Africa Enterprise Discussion board welcomed over 40 heads of state, 50 African delegations, and 250 African and American corporations to discover methods to deepen our commerce and funding partnership.
The U.S. Division of Commerce, U.S. Chamber of Commerce, and the Company Council on Africa, in partnership with the U.S. authorities’s Prosper Africa initiative, co-hosted the primary U.S.-Africa Business Forum in six years. This 12 months’s occasion was livestreamed for the primary time, and was uniquely structured to catalyze two-way commerce, create jobs, and drive sustainable progress on each side of the Atlantic. Over the course of the day, Prosper Africa’s Deal Room featured among the over $15 billion in commitments, which is able to assist to develop, modernize, and deepen industrial ties between the USA and African nations.
On the finish of the day, President Biden introduced a brand new initiative on Digital Transformation with Africa (DTA). As a signature Presidential initiative, DTA goals to develop digital entry and literacy throughout the continent. The expansion and growth potential of Africa’s digital financial system presents huge alternatives to spur financial restoration and create jobs.
“All U.S. companies ought to be aware of new alternatives for commerce, funding, and commerce in Africa, spurred by enhancements within the enterprise setting, a continent-wide free commerce space, and a brand new technology of entrepreneurs on the transfer,” mentioned Secretary Raimondo. “Over the course of the Discussion board, we met African authorities and enterprise leaders who see U.S. enterprise as a associate of selection in creating industrial options to the continent’s largest challenges – in infrastructure, the digital financial system, healthcare, clear power, and inventive industries. For his or her half, increasingly American companies perceive that an funding in Africa is an funding of their enterprise’ future.”
Forward of the U.S.-Africa Enterprise Discussion board, Deputy Secretary Graves led the U.S. Africa Area Discussion board, which highlighted how outer house could be a catalyst to advance shared U.S.-Africa targets on Earth. Deputy Secretary Graves emphasised the position of house applied sciences and house commerce, aided by the U.S. non-public sector, in driving technological and personal sector improvement in Africa. The Discussion board celebrated the signatures of the Artemis Accords– which set up a typical framework to information accountable house exploration– by Nigeria and Rwanda, a primary for the continent.
“With contributions from companies, traders, members of the African diaspora and African authorities leaders, we’re assembly the second and are nearer than ever in realizing the potential of our industrial ties. Laying this basis for financial sustainability can have far-reaching affect for the continent’s younger and quickly urbanizing inhabitants,” mentioned Deputy Secretary Don Graves. “The U.S.-Africa Enterprise Discussion board introduced forth productive talks with our African counterparts and severe investments which might be solely the start for the Division of Commerce. Secretary Raimondo and I look ahead to additional collaboration on this important, mutual partnership.”
Additionally taking part within the discussion board have been U.S. Commerce Consultant Katherine Tai and the Honorable Wamkele Mene, Secretary-Normal of the African Continental Free Commerce Space (AfCFTA) Secretariat, who signed the U.S.-AfCFTA Memorandum of Understanding to facilitate an alternate of experiences and promote cooperation on AfCFTA improvement and implementation for AU member states. As well as, Alice Albright, Chief Govt Officer of the Millennium Problem Company (MCC), signed the MCC Regional Transport Compact with Benin and Niger, which is able to assist to scale back transportation prices, make transferring items inland simpler, and open new markets and alternatives for U.S. corporations to drive the deepening of our commerce and funding partnership with Africa.
In 2023, the U.S. Division of Commerce plans to construct on momentum of the Discussion board with authorities assist for elevated U.S. enterprise engagement, together with by means of extra industrial MOUs with associate nations, and high-level visits led by Secretary Raimondo, Deputy Secretary Don Graves, and Below Secretary for Worldwide Commerce Marisa Lago. The Division can be aiming to extend its footprint throughout the continent to proceed to deepen industrial partnerships.