Agencies
Washington
The United States has struck hundreds of deals worth $14.2 billion with African nations over the past year as Washington tries to counter growing influence on the continent by China.
The 547 new trade and investment agreements represent a 67 percent increase from 2022 in the number and value of closed deals, according to British Robinson, coordinator for the Prosper Africa trade and business initiative, a program that connects US and African businesses.
Robinson said the presidential and national security initiative is aimed at strengthening strategic and economic partnerships by mobilizing two-way trade and investment flow, and young people are key to realising that goal.
“The US business and investment community is increasingly recognizing Africa’s extraordinary market potential and dynamism. The continent is home to the world’s youngest population, an asset that creates significant opportunities for viable business deals that create jobs and foster shared prosperity,” Robinson said during a December 12 virtual media briefing.
Judd Devermont, US National Security Council senior director for African Affairs, said it has been a record-setting year for US-Africa relations, with the United States following through on its commitment to invest some $55 billion over three years.
“As we wind down 2023, we have already delivered on more than 40 percent of this commitment. In fact, by the end of year two, we anticipate surpassing 70 percent of our goal, if not more,” Devermont said. “With these resources, we’ve expanded our trade and investment; we have advanced major food and health security partnerships; charted a course for digital transformation; forged new security and good governance cooperation; and catalyzed landmark diaspora-driven engagement.”
The briefing was held to mark the one-year anniversary of the US-Africa Leaders Summit in Washington, where Biden pledged to go “all in” on the continent.
The announcement comes as Washington works to deepen its engagement with Africa, where China has been expanding its influence with infrastructure, investment, loans, among other initiatives.
Devermont, President Joe Biden’s top Africa adviser, said Africa is not only important economically but politically, adding the US has been pushing for more African voices on the world stage for some time.
“President Biden last year called for the African Union to become a permanent member of the G20, and in September we proudly welcomed this development,” Devermont said. “We’re now advocating for a third seat for the —for Sub-Saharan Africa on the IMF board, and of course we reiterate our call for permanent representation for Africa at the UN Security Council.”
The US has had to alter its investment and trade strategies in countries affected by conflict. US Department of State Bureau of African Affairs Principal Deputy Assistant Secretary of State Jonathan Pratt said that, in Sudan, US policy has been to put sanctions in place.
“Sanctions haven’t just been on individuals; they’ve also been on companies and different asset classes. And so that’s one strategy that we’ve used in conflict countries and locations,” he said.
