By Kestér Kenn Klomegâh
The Corporate Council on Africa (CCA) held the U.S.-Africa business summit in Dallas, Texas, on May 6-9 with the theme “U.S.-Africa Business: Partnering for Sustainable Success” that gathered a number of African leaders, senior U.S. and African government officials, and corporate business executives to review performance, discuss existing challenges and chart future pathways into the commercial spheres across Africa.
While it aims at forging strategic partnerships and exploring investment opportunities, the participants gain important insights from industry experts and business thought leaders. Principally the Texas summit hosted the largest African diaspora population of any state in the United States. And Dallas, as the location of headquarters and major business operations for a large number of Fortune 1000 firms, was the ideal location to facilitate the exchange of ideas and strategies that will shape the future of U.S.-Africa business relations and private sector-led economic growth both in the United States and on the African continent.
Speeches and discussions were delivered successfully. Among the African leaders who delivered speeches included President Mokgweetsi E.K. Masisi of the Republic of Botswana, President Faure Gnassingbé of the Republic of Togo, and Dr. Lazarus McCarthy Chakwera of the Republic of Malawi. The presence of large numbers of African leaders and representatives, in fact, underscored the importance of the summit as a platform for high-level discussions and economic partnerships between the United States and Africa.
Dr. Mokgweetsi E.K. Masisi, President of the Republic of Botswana, has made a strong case for Botswana as a top investment destination, citing the country’s stability, progressive policies, and strategic initiatives promoting economic growth and sustainability.
The Botswana leader spoke during the ‘Doing Business in Botswana’ session in Dallas, Texas. Addressing a strong audience of potential investors, and summit attendees, President Masisi outlined Botswana’s strategic priorities under the ‘Reset Agenda,’ which aims for significant post-pandemic recovery and sustainable development. He emphasized vital areas such as digitization, value-chain development, and green energy, highlighting the country’s commitment to digital innovation and boosting key economic sectors such as agriculture, tourism, and mining.
President Masisi also called for enhanced women’s role in trade during the summit’s panel session, organized by the African Women’s Entrepreneurship Program (AWEP) in partnership with the United States Department of Commerce Commercial Law Development Program (CLDP), the Africa Women and Youth Empowerment Group (AWYEG), and the Corporate Council on Africa.
President Masisi pointed out women’s significant economic contributions, particularly through informal cross-border trade valued at $17.6 billion. In spite of their contributions, women frequently face exploitation and violence, with little protection. To address these challenges, Botswana’s head of state emphasized the importance of the African Continental Free Trade Area (AfCFTA), which is expected to boost Africa’s income by $450 billion by 2035 and significantly increase intra-African exports.
Standard Bank, the leading bank and financial services group in Africa, championed the vital role of global trade, economic development and robust partnerships at the opening of a power-packed U.S.-Africa business summit. With Texas as an international business hub and home of a large and vibrant African diaspora community, the event carries significant weight for Dallas, a gateway to global markets and cross-cultural connections.
“Trade and investment are economic lifelines, and this meeting links immense potential in Africa with the powerhouse market of the United States,” said Anne Aliker, Standard Bank’s Group Head, Corporate and Investment Banking, Client Coverage. “Both offer abundant growth opportunities, leveraging Africa’s markets and resources while providing avenues for U.S. businesses to diversify.”
African countries’ effective participation in the ever-evolving international trade landscape is central to boosting the continent’s development. While African exports of goods and services have registered faster growth in the past decade, the volumes remain low, stagnant and heavily skewed toward primary goods.
Aliker said the policymakers must broaden their perspective beyond conventional methods to engage actively in today’s broad markets. Although Africa has about 18% of the world’s population, it has only about 2.9% of global GDP and only 2.2% of world exports. Africa exported $38.1 billion worth of goods to the U.S. and imported U.S. goods worth $28.6 billion in 2023, according to the U.S. Census Bureau.
“Trade is deeply rooted in Africa’s history and essential for its future development. We’re committed to using our position, presence and insight to inform and grow the continent’s trade ecosystem,” she said.
Discussions over the reauthorization of the African Growth and Opportunity Act (AGOA), a cornerstone of U.S. efforts to cultivate deeper economic relations with sub-Saharan Africa, allowing countries there export certain products to the U.S. duty-free. Last July, the Biden administration reported facilitating more than 900 deals across 47 African countries since 2021, for an estimated $22 billion in two-way trade and investment. Also, the U.S. private sector sealed investment deals exceeding $8.6 billion.
Fielding questions on the sidelines, Jonathan Stember says the growth potential in Africa is considerable and it is imperative for the US to rethink its business mindset and strategy towards Africa. As prominent figure in both political and corporate campaigns on a global scale for over 25 years, Jonathan Stember says there are broad areas of win-win partnerships and cooperation between US firms and entities and Africa.
Creating a reliable partnership, whether in Africa or globally, mirrors the challenges inherent in any business endeavor—it demands dedication and perseverance. Mutual trust is key for success among all parties involved. Communication, a fundamental aspect of human interaction, plays a crucial role in nurturing these partnerships. Our efforts have resulted in the establishment of bridges that facilitate connections between Africa and the U.S., fostering mutual growth and understanding. Africa presents an array of prospects spanning technology, youth empowerment, food security, trade and commerce, and the establishment of sustainable economies.
During the business sessions, CCA was proud to partner with the Millennium Challenge Corporation (MCC) to celebrate its 20th anniversary and highlight MCC’s $10.4 billion U.S. government investment in infrastructure across more than 24 African countries. From power projects to roads, ports, education, ICT, health and more —MCC’s 42 country-driven development programs address binding constraints to economic growth. A high-level event celebrating MCC’s 20th anniversary featured the distinguished guests, including President George W. Bush and other notable U.S. government and African leaders.
MCC has worked side-by-side with partner countries to deliver on priorities that promote entrepreneurialism, private sector business investment and job creation for two decades. MCC’s anniversary event promises to set the tone for the summit, showcasing government and private sector commitment to partnership, U.S.-Africa trade, investment, business, and sustainable economic development.
Kestér Kenn Klomegâh is an Int’l Affairs Analyst.
