US-Africa Business Summit successfully advances trade, investment and commercial partnership between the US and Africa
Heads of State, Vice Presidents, and Prime Ministers from nine African nations attended the Corporate Council on Africa’s 12th US-Africa Business Summit in Maputo, Mozambique on June 18-21. They were joined by Ministers of Finance, Foreign Affairs, Commerce, Economy, Public Works, and ICT from more than 25 countries across the continent.
The Government of Mozambique was the Summit co-host, and the more than 1,000 Summit attendees including government and business leaders, investors and policy makers were welcomed to the Joaquim Chissano International Conference Center, Maputo by His Excellency Filipe Nyusi, the President of Mozambique.
A high profile US Government delegation to the Summit was led by US Deputy Secretary of Commerce, Honorable Karen Dunn Kelley, and included the US Agency for International Development (USAID) Administrator, Assistant Secretary of State for Africa, head of the US Trade and Development Agency (TDA), Overseas Private Investment Corporation (OPIC) Senior VP for Africa, and Assistant US Trade Representative for Africa, among the more than 100 senior USG officials from 8 agencies.
In his welcome address, President Nyusi noted that the number of people present and the decision to host the event in an African capital reflects the continent’s strategic importance and economic potential.
President Nyusi urged delegates to take advantage of the investment and business opportunities that would be highlighted during the Summit. He went on to say that the $62 billion in investment between Africa and the US last year was evidence of “a very encouraging picture of the growing trade and commercial relationship between the US and African countries, and it is up to business owners on both sides of the continent to take advantage of them.”
President Nyusi called on African businesses and governments to identify partners and overcome any challenges inhibiting the development of stronger economic ties between Africa and the United States. He said, “Africans must continue to devise more assertive strategies to defend our interests and to negotiate as best as possible with our partners, creating the most appropriate conditions for the business environment, without forgetting the wealth of strategic partnerships that we can cement among us.”
In her keynote remarks, Deputy Secretary Kelley spoke of the US commitment to ensure that trade between America and Africa was mutually beneficial. “US exports to Africa have decreased by 32% from their 2014 high. And we want to work with you to better understand how to reverse this trend,” said Hon. Kelley. She announced the outline of a new US Administration initiative – Prosper Africa – which was officially rolled out at the Summit.
USAID Administrator Mark Green later provided Summit delegates with more details on Prosper Africa including its goal to expand US-Africa trade, investment and commercial engagement by leveraging the resources and capabilities of many US government agencies and creating deal teams supporting US private sector investments in Africa.
Hon. Kelley pointed to Anadarko’s $25 billion LNG project as proof of how transformative investment in Africa can be. The Anadarko LNG project is the largest single foreign direct investment in African history.
Throughout the Summit, delegates focused on the Summit theme – “Advancing A Resilient and Sustainable US-Africa Partnership” – by way of plenary sessions and panels that covered a range of sectors such as energy, health, infrastructure, consumer goods, and creative industries as well as topics including blended finance, franchising, sovereign wealth funds, and the business case for empowering women.
Taking place shortly after the African Continental Free Trade Area (AfCFTA) went into operation, the Summit was an opportunity for US and African CEOs, entrepreneurs and investors attending the Summit to begin exploring the continental market with $2.5 trillion GDP and 1.2 billion people.
For the Corporate Council on Africa, the Summit was designed to offer a unique platform for African and US businesses and government leaders to network and explore practical ways to increase US-Africa economic engagement.
CCA President and CEO, Florizelle Liser remarked, “I encourage all delegates to use the Summit as a time to help shape the flourishing trade, investment and commercial partnership between the US and Africa.” She also noted that African businesses could benefit from the Summit – taking advantage of the hundreds of US companies rarely present in such large numbers at a conference focused on Africa.
During the Summit, a number of deals and projects were finalized and announced, including in energy, agribusiness, and infrastructure.
Distributed by African Media Agency (AMA) on behalf of Corporate Council on Africa.
The 2019 Summit was proudly sponsored by leading global businesses and organizations including Anadarko Petroleum Corporation; Chevron Corporation; CFM; Exxon Mobil Corporation; GK Investment Holding Group/Gruppo San Donato; Absa Group Ltd; Acrow Bridge; AllAfrica Global Media; AGCO Corporation; BCI; The Boeing Company; Gilead Sciences; Millennium BIM; Pfizer Inc; Sasol Ltd; VISA Inc.; AGRA; Caterpillar Inc; Citi; Lockheed Martin International; MCNET; Procter and Gamble (P&G); Pan African Capital Group LLC; Standard Bank; Symbion Power; Universal Corporation; Afro Tourism West Africa Ltd; Barloworld Equipment (Pty) Ltd; Covington & Burling LLP; DAI; Development Finance International LLC; General Electric Company (GE); Good Governance Africa; Kudumba; Rabin Martin; Philip Morris International, Inc; USAID Southern Africa Trade and Investment Hub; Compal; and Ethiopian Airlines.
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Corporate Council on Africa is the leading US business association focused solely on connecting business interests between the United States and Africa. CCA uniquely represents a broad cross section of member companies from small and medium size businesses to multinationals as well as U.S. and African firms. Learn more at www.corporatecouncilonafrica.com