U.S.-Africa Business Forum – U.S. Department of State

The U.S.-Africa Summit, held in Washington, DC from December 13 to 15, demonstrated the United States' long-standing commitment to Africa and strengthened the relationship between the United States and African countries.

The 2022 United States-Africa Business Forum (USABF) was held on the second day of the summit (December 14). Sponsored by the U.S. Department of Commerce, the U.S. Chamber of Commerce, and the Business Council of Africa, and in partnership with the Prosper Africa Initiative, USABF focuses on advancing two-way trade and investment partnerships that strengthen Africa's role in the global economy I guessed. Boost innovation and entrepreneurship and drive progress in key areas.

The theme is “Partnerships for a prosperous and resilient future”,USABF brings together African heads of state and U.S. and African business and government leaders to advance mutually beneficial partnerships that create jobs and promote inclusive and sustainable growth on both sides of the Atlantic.

Africa's youth population will double by 2050 to reach 2.5 billion people, more than a quarter of the world's population, and its business and consumer market will be worth $16 trillion, making Africa important for global trade and investment. Sexuality will increase dramatically. Many countries have enacted reforms to improve the business environment and attract private investment, and Africa is becoming the world's largest single market through the implementation of the African Continental Free Trade Area (AfCFTA). These reforms and harmonization under the AfCFTA will increase the competitiveness of African companies and facilitate their integration into global supply chains. African countries are targeting efforts to foster key industries that play to America's strengths, such as automobiles, pharmaceuticals, energy, and ICT, including strategies to attract investment in critical infrastructure.US trade and investment with Africa despite vast opportunities emerging

African countries are building sustainable energy systems based on clean energy to address the immediate need to expand access to electricity for their 600 million people, half of sub-Saharan Africa's population, and the longer term. Developing strategies to harmonize priorities. As the effects of climate change increase. These strategies are envisioned to finance both a long-term transition away from fossil fuels, which make up 46 percent of the continent's current energy mix, and expanded access to electricity, while also helping Africa improve its energy supply. It also supports the growing role played in international energy security as a source of energy. Fuels for today and tomorrow, containing the minerals needed for a green economy. The need for innovative private sector-led solutions as the COVID-19 pandemic and the global energy shortage crisis caused by Russia's war against Ukraine combine to undermine two decades of positive gains. is an urgent need. This session built on the outcomes of COP27 and G20 discussions and lessons learned from existing partnerships between the United States and Africa, such as the South African Just Energy Transition Partnership (JETP). The report calls for appropriate regulatory and investment regimes to take advantage of new opportunities for the development and deployment of new technologies, attract the necessary investment, and better integrate Africa's energy markets transcontinentally and globally. He emphasized the strategies to develop.

In sub-Saharan Africa, the agricultural sector provides employment for two-thirds of the region's population and accounts for 14% of GDP. With women and young people making up the majority of the workforce, and the value of agribusiness projected to exceed $1 trillion by 2030, the sector has the potential to drive broad-based economic growth. Masu. Sub-Saharan Africa has recorded the highest agricultural growth rate compared to other countries. However, the coronavirus pandemic and Russia's invasion of Ukraine have caused supply chain disruptions, reduced incomes for farmers and consumers, and food price inflation around the world, making food price hikes even more serious. African countries that rely on food imports to supplement domestic supplies will be affected. Despite the challenges affecting the agricultural sector (e.g., access to finance, input price volatility, storage availability, market connectivity), African governments and businesses are adapting to macroeconomic shocks and supporting economic growth and We are adopting solutions to continue to build the agricultural sector as a source of supply. Improving food security. The session highlighted how public-private partnerships can unlock Africa's agribusiness potential by increasing productivity, strengthening value chains, and better integrating into global supply chains.

Despite the challenges of COVID-19, Africa has the world's fastest growing population of internet users and is a pioneer in dynamic ICT innovation. Strong youth demographics, rapid urbanization, and rising consumer spending are slowing mobile penetration, even as countries require an estimated $10 billion in annual investments to expand network access and global backbone connectivity. It's progressing. Africa's digital ecosystem offers a unique and urgent opportunity to accelerate Africa's growth while expanding the application of U.S. companies and U.S. expertise. Accelerating the expansion of digital connectivity, access, partnerships and innovation can drive economic growth and help the continent overcome its myriad challenges, while helping governments leverage e-government services to improve inclusion, transparency and , can provide opportunities to strengthen anti-corruption and good governance. . This session discussed opportunities and challenges for the United States and Africa to better work together to strengthen Africa's dynamic digital economy, expand internet infrastructure, and promote inclusive, secure, and sustainable connectivity. . This session will focus on improving digital skills and literacy, including MSMEs, digital trade, digital identity, and the digital economy in Africa by 2030.