2023-07-15 09:04:23
More than a thousand participants from the United States and across the African continent, including government officials, business leaders, investors and multilateral actors, gathered for the 15th US-Africa Business Summit held in Gaborone, the capital of Botswana, to discuss investment opportunities and strengthen business ties between the two sides.
The summit, themed “Improving Africa’s Value Chains,” took place six months after the US-Africa Leaders Summit hosted by US President Joe Biden in Washington, DC, where leaders pledged promote trade, create jobs and foster mutually beneficial and lasting relationships. “Through this annual summit, the Corporate Council on Africa (CCA) intends to strengthen the relationship between the United States and Africa and to inspire action as we have done for 30 years,” said Jeffrey L. Sturchio, president of the Corporate Council on Africa (CCA).
Sturchio also asserted that constructive collaborations benefit both Americans and Africans. As a result, over the past three years, the US government has concluded more than 900 agreements worth $22 billion in 47 African countries for trade and investment.
According to Scott Nathan, CEO of the US International Development Finance Corporation (DFC), “Access to capital is the lifeblood of business and economic growth. We focus on raising capital for the private sector. Nathan also pointed out that “DFC holds the largest share of our portfolio, over US$11 billion dedicated to investing in the continent. [et] since December, we have committed an additional $110 million in funding for new projects in Africa”.
Botswana President Mokgweetsi Masisi has meanwhile expressed his wish that the Biden administration will keep its promise to renew the Africa Growth and Opportunity Act (AGOA), which is due to expire in 2025, as this would send a strong and reassuring signal. markets and serve as a catalyst for Africa’s industrialization and integration into global value chains.
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