Africa’s involvement in international trading, large population increase, and the continent-wide passion for business and modern ideas offer the United States an excellent prospect to put money into Africa’s future. The US will provide assistance and aid in gathering private capital so that economic expansion, employment opportunities, and American engagement in Africa’s potential can be boosted. Business and political heads of state will collaborate to make transactional and investment-enabling atmospheres more robust, including encouraging the formation and usage of reliable rules and methods across all industries, and pinpoint and advertise new opportunities for Africans and Americans. The U.S. Government has responded to requests for timely and organized aid with their PGII and Prosper Africa campaigns. Since 2021, their efforts have enabled the closure of over 800 two-way trade and investment agreements within 47 African countries, which is estimated to be valued at $18 billion. Additionally, U.S. private companies have finalized investment contracts with African countries worth a combined $8.6 billion. The amount of US products and services exchanged with African nations in 2021 was $83.6 billion. Today during the U.S.-Africa Business Forum, President Biden revealed plans to invest more than $15 billion in promoting integral interests such as renewable energy, medical care, agricultural production, digital access, construction and monetary services in accordance with PGII, Prosper Africa, and Power Africa. Since January 20, 2021, the Biden-Harris Administration has directed and plans to put aside over one billion dollars toward business, investment, and financial development in Africa. Multiple Departments and Agencies of the U.S. Government declared new projects and investments to encourage reciprocal trade and venture. The U.S. Trade Representative (USTR), on behalf of the United States Government, signed a Memorandum of Understanding with the African Continental Free Trade Area (AfCFTA) Secretariat to support institutions to accelerate sustainable economic growth across the continent.
