The 15th US-Africa Business Summit, held in Gaborone, the capital of Botswana, brought together more than a thousand participants from across the US and the African continent, including government officials, business leaders, investors and multilateral actors to explore investment opportunities and strengthen business ties between the two sides.
The summit, themed “Developing Africa’s Value Chains”, took place six months after the US-Africa Leaders’ Summit in Washington, DC, hosted by US President Joe Biden, where the leaders pledged to improve trade, create jobs and foster mutually beneficial and lasting relationships. “Through this annual summit, the Corporate Council on Africa (CCA) wants to strengthen the relationship between the United States and Africa and inspire action, as we have done for 30 years,” said Corporate Council President Jeffrey L. Sturgeon said. Africa (CCA).
Sturchio also stressed that constructive cooperation would benefit both Americans and Africans. As a result, over the past three years, the U.S. government has signed more than 900 deals 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 further pointed out, “DFC has the largest share of our portfolio, with over US$11 billion dedicated to investing in the continent. [et] Since December, we have funded an additional $110 million in new projects in Africa.
Botswana President Mokwetsi Masisi, meanwhile, expressed his desire that the Biden administration keep its promise to renew the African Growth and Opportunity Act (AGOA), which is set to expire in 2025, as it would send a strong and reassuring signal. As a catalyst for Africa’s industrialization and integration into global value chains.