Over three days in December, President Joe Biden will host the second U.S.-Africa Leaders Summit in Washington, D.C. — the first gathering of African leaders and U.S. presidents since 2014.
The summit, held December 13-15, includes a CEO Business Forum, for which the Chamber of Commerce is an official partner and focuses on developing business partnerships between the United States and Africa. Priority topics for discussion include U.S.-African joint commitments to foster trade and investment flows, strengthen regional and global health, address food security, promote peace and security, support climate sustainability, and engage the African diaspora.
By delving into these challenges and opportunities, the summit aims to open up new ways to improve U.S.-Africa cooperation. Here’s what you need to know.
The U.S. Chamber of Commerce and Business Council for Africa (CCA), in partnership with the U.S. Department of Commerce and the Prosperity Africa Initiative, host the U.S.-Africa Business Forum (USABF), the summit’s flagship Private Sector Dialogue, which will bring together the U.S. and Africa on Dec. 14 Business leaders, African heads of state, and African regional institutions discuss how best to strengthen the economic relationship between the United States and African countries.
What is the US-Africa Leaders Summit?
President Biden announced in July 2022 that the U.S. would host the second U.S.-Africa Leaders Summit to demonstrate U.S. commitment to AfricaEnhance cooperation on shared global priorities.The Summit of Heads of State will revolve around the themes of democracy and human rights; mitigating the impact of COVID-19 and future pandemics, strengthening regional and global health; promoting food security; promoting peace and security; addressing the climate crisis; and expanding diaspora relations.
President Obama hosted the inaugural US-Africa Leaders Summit in August 2014. At the time, it was the largest event ever held between a U.S. president and an African head of state. The revitalization of the summit marks the Biden-Harris administration’s renewed commitment to continued economic growth and shared prosperity between the United States and Africa.
How will the US-Africa Business Forum interact with the business community?
To explore mutually beneficial trade and investment relationships, the Chamber and CCA, in partnership with the U.S. Department of Commerce, will bring together senior U.S. and African business leaders, investors, entrepreneurs, founders and policymakers to forge new relationships and opportunities through :
Create synergies between the U.S. and African countries,
Drive business interest and facilitate deal opportunities across Africa,
Demonstrate the mutually beneficial value proposition of an economic partnership between the United States and African nations,
Announce new or expanded investments and programs between U.S. companies and African counterparts.
USABF will also feature a “Deal Room” hosted by Prosper Africa, providing a space for businesses and investors to announce new investments, initiatives and other business deals and further strengthen partnerships. The Deal Room will bring concrete collaborations and additional opportunities to boost trade and investment between the United States and the African continent.
What is the expected result?
The African continent has long insisted that now is not the time for aid, but trade. As the new African Continental Free Trade Area (AfCFTA) unites 54 countries into the world’s largest trade bloc, a booming population is set to double by 2050, consumer spending is expected to increase eightfold over the same period, and business Demand has never been more apparent. The continent’s potential as a US business growth market remains largely underestimated and misunderstood, but the time has come for the US to enter the world’s next big growth market – accelerating growth both in Africa and at home.
USABF aims to deliver ambitious quantitative outcomes that harness the enormous power of Africa’s digital revolution to promote free trade and integrated, resilient supply chains, support healthier economies, and ensure sustainable infrastructure investment. In addition to the discussions during the USABF, all stakeholders should commit to taking practical action on priorities in the coming months and years.
What topics will be discussed?
- trade investment: Strengthening our country through trade and commerce
- Energy and Sustainability: Beyond COP and further development through green energy transition and sustainability.
- healthy: Building a more resilient and secure African health system
- agriculture: Unlock the potential of African agribusiness by increasing productivity, strengthening value chains and better integrating into global supply chains.
- digital transformation: Enabling the next generation of inclusive growth through innovation and entrepreneurship in Africa
- infrastructure: Expand access to finance and invest in infrastructure to support growth in Africa.
Join the conversation:
While live attendance is limited, you can sign up to watch via Livestream.Be sure to follow USAfrica Business Center and check out us on Twitter (@USChamberAfrica) website Find out when the live stream option will be available.
About the author
President, U.S.-Africa Business Center, Sr.Vice President of the American Chamber of Commerce
Scott Eisner is the President of the U.S. Chamber of Commerce’s U.S.-Africa Business Center (USAfBC).