Business Forum in South Africa

One year ago, the Department of Commerce and Bloomberg Philanthropies co-hosted the first-ever U.S.-Africa Business Forum. This forum brought together leaders from more than 45 Sub-Saharan and North African nations to discuss regional economic, political and development issues, with the aim of forging deeper transatlantic ties and showcasing a new kind of partnership rooted in these shared interests.

The U.S.-Africa economic and commercial dialogue is a two-way street. Goods and services exports from the United States to African markets support roughly 250, 000 jobs in the United States. Closer economic ties and rising demand create ample opportunities for businesses in the U.S. and Africa to build new partnerships, reach new markets, and support new jobs in the years to come. It is a virtuous circle. When Africa's businesses grow, they use American expertise, purchase American technologies, and learn from our best practices. This lays the groundwork for sustained, long-term growth. With each passing day, commercial connections are deepening, business bonds are increasing, and trade partnerships are maturing.

At the 2014 U.S.-Africa Business Forum (USABF), U.S. Government departments and agencies made $7 billion in commitments on the continent, many of which are nearing completion. The Forum also paved the way for additional accomplishments and commitments announced during the President’s recent trip to Kenya.

During the past year, the Department of Commerce has facilitated U.S. business activity in Africa by doubling its presence in Sub-Saharan Africa with new offices in Angola, Tanzania, Ethiopia, and Mozambique, while expanding its operations in Ghana and re-establishing a position at the African Development Bank. The Department has also supported 16 private sector deals in Africa worth approximately $7 billion, with $4.1 billion in U.S. export content, since the USABF.

The Department of Commerce will continue its engagement with African leaders and businesses and create more opportunities for deeper U.S.-Africa business ties with the following key initiatives in the next few months:

• Plans to lead several members of the PAC-DBIA on a fact-finding trip to Africa to engage with partners and stakeholders to discuss how U.S. Government programs and policies can better support economic engagement between Africa and the United States.
• Will introduce a multi-stop Institutional Investor Roadshow – with an inaugural stop on the margins of the UN General Assembly Session – in September 2015 to provide a platform for U.S. institutional investors and African heads of state to discuss best practices to reduce governance risk, strengthen capital markets and increase long-term investment flows to mobilize U.S. private sector capital and introduce U.S. exporters and U.S. financial institutions to specific export and investment opportunities in African markets.
• Will launch a whole-of-government approach to support U.S. companies pursuing infrastructure projects in Africa. To pilot this mechanism, the U.S. and Kenya governments have signed a Memorandum of Understanding (MOU) to promote U.S. commercial participation and investment in Kenya’s infrastructure sector.
• Will lead the Trade Winds Business Forum and trade mission to eight growing Sub-Saharan markets, connecting more than 100 U.S. companies to local decision-makers, expert counsel, and promising business opportunities on the continent. Registration is still open for the Business Forum in Johannesburg, South Africa, where attending companies can network with U.S. and African business leaders, and receive one-on-one counseling from commercial experts based in African markets.

As Faith Mangope, one of the Mandela Fellows, told other Young African Leaders – and President Obama: “Africa is no longer a sleeping giant but is awake and open for business.” The Department of Commerce’ s Open for Business Agenda will continue to strengthen Africa’s nations and economies and fulfill the commitments of the U.S.-Africa Business Forum.