As the United States-Africa summit kicks off tomorrow, Washington-based United States research institute, Brookings Institution, has released a report in which it gives five top reasons why Africa matters to the United States and strategic opportunities for Washington’s engagement with the region.
The five key issues are:
- how the US can reinforce trade and investment in Africa, as well as advance shared values on issues of
- food security,
- global health,
- digital transformation, and
Trade and investment seems to be the most important reason because the United States has lost ground commercially to China, Russia and India, the report says.
Africa’s combined consumer and business spending is estimated at US$6. trillion by 2030 growing to US$16.12 trillion by 2050.
“Africa could thus be a beacon of growth and prosperity, ushering in unparalleled development, with connectivity, trade, and investments,” the report says.
“Global investors in search of high emerging market yields will probably flood to Africa or regret their lack of exposure to such a vibrant region.”