But the big picture is this: together, as the world’s largest economy and one of the world’s fastest-growing economic regions, respectively, the United States and African nations have the potential to build one of the 21st century’s most successful economic partnerships.
If we manage to increase our share of imports and exports by just 1 percent, we would generate an additional $34 billion in revenue for Africa, $25 billion in revenue for the United States – and create more than 250,000 good-paying jobs as a result.
Earlier this year I was in South Africa. I had an opportunity to set out the administration’s new strategy for Sub-Saharan Africa. And at its heart, it’s a strategy that’s focused on one word, and that’s “partnership.” Our approach is rooted in the recognition that to meaningfully address our shared challenges, we need the leadership, we need the innovation of African nations and institutions working side by side, as equal partners, with American institutions, with our government, with our private sector. And we’re committed to this collaborative approach in our work with African businesses, too.
Let me just very quickly – so that I can allow you to get on with enjoying your lunch – suggest a few ways that we’re working to deepen our partnership in six key areas.
First, the State Department and our colleagues, the Commerce Department, other agencies – we’re going to be organizing more commercial diplomacy trips, where leaders from across the U.S. Government and our private sector can work together to better identify African partners and source business opportunities together.
Second, we will step up our economic diplomacy efforts. We’re working with the Business Council for International Understanding to enhance the abilities of our embassies to identify suitable local partners and to assess investment conditions on the ground.
For us, having this diplomatic presence around the world and in virtually every part of Africa is also a critical and unique asset for finding ways to strengthen the trade and investment relationships between our countries, to actually help identify opportunities for American business and, as a result, opportunities for Africa.
Third, we’ll expand our work in all parts of the investment pipeline – from fostering investment opportunities, to promoting viable deals, to helping to close those deals.
One example: We’ll be investing more in rising African innovators. As Vice President Harris announced yesterday, we’re relaunching the African Women Entrepreneurship Program, which will distribute grants to help African women entrepreneurs grow their businesses. We know from experience that this can be a very powerful source of growth, a very powerful source of opportunity.
We’re also funding a new Investment Advisor to the Secretariat of the African Continental Free Trade Area, whose primary responsibility is to connect American companies with business opportunities in African nations.
Fourth, we’ll continue our work with African partners to bolster the building blocks of a strong business environment. We hear, we know from our own companies, what they’re most looking for, what they most need to move forward with investment: clear and consistent tax regimes, protecting intellectual property rights, efficient customs processes. We know that predictability, transparency – these are the things that make it easier to attract capital. That’s good for African companies; it’s good for African workers.
Fifth, as investors look for ways to manage risk while moving into new markets and new industries, we will help them draw on the best practices of U.S. investors and firms that have already done so successfully – including many of you who are here in this room today.
Finally, we will help channel more U.S. private sector investment to the vast growth industries across African nations, including in clean energy, in health care, in the digital sectors.
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