The United States-Africa Business Forum (USABF) set to hold in Washington D.C. this month, seeks to push business collaborations that will generate employment and promote inclusive and sustainable growth on the continent.
The Assistant Secretary of Commerce for Global Markets and Director General of Foreign Commercial Service, Department of Commerce, Arun Venkataraman, during a press briefing revealed apart from expecting a major policy announcement at the end of the U.S.-Africa Business Summit by President Joe Biden, a Deal Room at the summit will showcase bold, multi-million dollar commitments between the U.S. and Africa.
USABF will feature a Deal Room to provide space for business leaders and stakeholders to announce new investments, initiatives and other commercial deals, and further cement partnerships.
The Deal Room will showcase the ways in which the U.S. private sector is launching new projects and collaboration that will boost trade and investment between U.S. and the continent. He said: “This is the first summit of its kind happening in six years and the Deal Room is another thing that distinguishes this summit from previous ones. We have strong interest in supporting Africa’s progress across a number of sectors.
“We acknowledge the fact that there are significant geopolitical challenges and those challenges have unique and disproportionate impact on Africa, whether it is the pandemic, climate change, or impact of food and fuel supplies due to the Russian war in Ukraine and these challenges are hitting Africa hard but these challenges present opportunities.
“We are proud that with the strongest private sector in the world coming up with the most innovative solutions, U.S. private sector has the unique opportunity to partner with African colleagues to create solutions needed to address each of the challenges.”
Over three days, from December 13 to 15, President Biden will host the second U.S.-Africa Leaders Summit, the first head of state gathering of African leaders and a U.S. president since 2014.
Also speaking, Deputy Assistant Secretary for Middle East and Africa, Camille Richardson, said: “We want to get people and businesses, hearts and minds involved in new investment partnerships and opportunities with Africa.”
The USABF will focus on growing the commercial partnership between U.S. and Africa, with priority discussion topics including the U.S.-Africa commitment to bolstering trade and investment flows, promoting innovation and digital transformation, strengthening regional and global health, addressing food security, and supporting climate sustainability.
According to a White House National Security spokesperson, all 50 invitees, 49 African heads of state with the chairperson of the African Union (AU), have been confirmed as attendees.
On the expected outcomes, the African continent had long insisted that now is not the time for aid, but trade. “With a new African Continental Free Trade Area (AfCFTA) uniting 54 nations into the world’s largest trade bloc, a burgeoning population set to double by 2050, and the AfCFTA set to grow Africa’s GDP by $450 billion, the commercial imperative to engage with Africa has never been clearer. The continent’s potential for U.S. business remains largely underestimated and misunderstood, but the time for the U.S. to tap into the world’s next big growth market is now,” Richardson said.
