US, Africa seal $15 billion in trade investments during Washington summit

World Thursday 15/December/2022 07:22 AM
US, Africa seal $15 billion in trade investments during Washington summit

Washington: The United States committed to $15 billion worth of two-way trade deals with several countries in Africa during a summit in Washington this week, the White House said on Wednesday.

"At today's US-Africa Business Forum, President (Joe) Biden announced over $15 billion in two-way trade and investment commitments, deals, and partnerships that advance key priorities, including sustainable energy, health systems, agribusiness, digital connectivity, infrastructure, and finance," the White House said in a press release. "US goods and services traded with Africa totalled $83.6 billion in 2021. These investments and programs are in support of the umbrella initiatives PGII, Prosper Africa and Power Africa," the release added.
Since 2021, the US government said that it has helped close more than 800 two-way trade and investment deals across 47 African countries for a total estimated value of over $18 billion, and the US private sector has closed investment deals in Africa valued at $8.6 billion.

President Joe Biden said the US has "known for a long time that Africa's success and prosperity is essential to ensuring a better future for all of us, not just for Africa."

Citing the challenges pertaining to the pandemic, food prices and climate change, Biden said, "We can't solve any of these challenges without African leadership at the table -- and I'm not trying to be nice; that's a fact -- African ideas and innovation helping to shape the solutions and Africa population contributing to every step."

On Monday, US Secretary of State Antony Blinken signed a memorandum of understanding with representatives from Zambia and the Democratic Republic of the Congo on the development of the nations' electric vehicle battery value chains and advancing multilateral goals on critical mineral supply.

Biden is hosting nearly 50 African leaders in Washington this week as he seeks to improve the United States' ties with African countries amid concerns that China has been increasing its presence in the region.