The U.S. Bureau of African Affairs has launched a new initiative aimed at strengthening commercial ties between the United States and Africa. The event, hosted by Kendra in collaboration with the American Chambers of Commerce in West Africa and the U.S. embassy, focused on enhancing business partnerships.
A representative emphasized that Africa is seen as an untapped market with significant potential for growth. By 2050, it is expected to be home to 2.5 billion people with a projected purchasing power exceeding $16 trillion. Despite this potential, U.S. exports to Sub-Saharan Africa currently represent less than one percent of total trade in goods.
The representative acknowledged past shortcomings where development assistance was prioritized over promoting commercial engagement in Africa. Moving forward, there will be a shift towards expanding trade and private investment as key drivers of economic growth.
The Trump Administration aims to change perceptions of Africa from being aid-dependent to being viewed as a capable commercial partner. "Trade, not aid," will become the guiding policy for U.S.-Africa relations, focusing on mutual prosperity through increased exports and investments.
A six-action strategy was unveiled to achieve these goals:
1. Making Commercial Diplomacy a core focus of U.S.-Africa engagement.
2. Collaborating with African governments on market reforms.
3. Implementing key infrastructure projects.
4. Leading more commercial diplomacy trips.
5. Connecting more U.S companies to opportunities in Africa.
6. Advocating for structural reforms in trade promotion and financing tools.
These actions are set to be enacted by the next U.S.-Africa Leaders Summit later this year.
U.S ambassadors in Africa are now evaluated based on their advocacy for American businesses and deals facilitated; within 100 days, 33 deals valued at $6 billion have been signed.
The initiative calls for cooperation from both American companies willing to explore new markets and African partners who can create conducive environments for business success.
In conclusion, this new chapter aims at building relationships based on honesty, accountability, and mutual respect between the United States and African nations.