Africa: United States Committed to Doing Business With Africa

Deputy Commerce Secretary Karen Dunn.

Maputo — United States deputy secretary of commerce, Ms Karen Dunn, has assured participants at the US-Africa business summit in Mozambique that her country remained committed to doing business in and with Africa.

To this end, she said Donald Trump administration continued to launch a series of important trade and investment initiatives between the US and Africa.

"In October 2018, President Trump signed the better utilisation of investment leading to development, which established the new US international development finance corporation that doubled the cap of financing opportunities available and strengthening the focus on new frontier markets including Africa," she said.

Moreover, Ms Kelley relayed that in 2018, the US congress started Power Africa, with a view to further develop innovative ideas and enterprise driven approaches to extend, expand power, which was followed immediately yet another new initiative namely Prosper Africa.

Prosper Africa according to the US deputy secretary of commerce was born out of the identifying need for a coordinated approach to increase US -Africa trade.

"We know the US government can and must do more to capitalize on competitive advantages of the United States of America Companies and the entrepreneurial spirit of the African people, hence I am proud to roll out today additional details of the administration's new signature initiative, Prosper Africa," she said.

It was the goal of Prosper Africa initiative to seek to substantially increase two way trade and investment between the United States of America and Africa.

For his part, president of Mozambique, Mr Filipe Nyusi said the relationship between the United States and Africa continued to grow stronger within the framework of social and economic development programmes.

For instance, he said the volume of foreign trade between Africa and the United States had increased substantially from US$49-62 billion.

"We are very pleased to note that about 62 per cent of this amount is related to exports from Africa to the U.S. The American market has been ideal and quite open," Mr Nyusi said.

It was against this background that President Nyusi hailed the US-Africa business forum saying it played a critical role in increased trade between US and Africa. He therefore urged fellow African states to take advantage of initiatives such as African Growth and Opportunity Act in acted in 2000 which has since been extended to 2025, Power Africa and Prosper Africa to open more opportunities for businesses

The forum served as a platform for US and African business and government leaders to engage on key sectors including finance, ICT, agribusiness, infrastructure and many others.

It also offered stakeholders a platform to network and explore opportunities as well as advocate for effective US-Africa trade and Investment policies.

Source : BOPA

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