Maiden US-Africa Summit to generate over $1bn new deals

AFRICAN LEADERS SUMMITAt least $1 billion business deals will be sealed at the first US-Africa Leaders Summit that has in attendance about 50 African head of states, business leaders and American CEOs.
This indicates the world’s top economy’s intent on driving an aggressive push in Africa’s business space, which is largely dominated by interests from China and India.
According to US commerce and development officials, the American government is hoping to increase funding for peacekeeping and commit billions of dollars to expand food and power programmes in Africa.
The meeting which is conducted “in good standing with the US and the African Union (AU)” will serve as a platform for the US to further showcase its interest in investing in Africa beyond oil and minerals through a series of government-private partnership deals.
As at 2009, United States was Africa’s biggest trading partner. However, in recent years its investment has sporadically dropped.
In 2013, US-Africa trade stood at $60 billion compared to China’s $170 billion investment.
The US is however hoping that the summit will help increase trade through investment, infrastructure, and innovation in Africa.[eap_ad_2]
Its Power Africa initiative and US-backed food and agricultural programmes in Africa, including the New Alliance for Food Security and Nutrition are areas that the US is hoping to fork more investment.
Aside funding, the United States government will also invest an additional $60 million a year for peacekeeping training six African nations.
It is also hoping to extend and double intakes into its Young African Leaders Initiative programme which recently hosted the first 500 fellows last week. The programme hopes to develop leadership centers in Ghana, Kenya, Senegal and South Africa to encourage and build Africa’s resources, talent, equality, economic transparency and accountability.
Trade ministers will also discuss ways to improve the US trade programme with Africa in line with the African Growth and Opportunity Act (Agoa). (VENTURES AFRICA)[eap_ad_3]

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