The future of trade and investment between Africa and the United States looks positive and optimistic, according to US Secretary of Commerce, Wilbur Ross.
Speaking at a US-Africa Leadership Forum in New York on Monday, Ross was upbeat about growth in Africa.
“Africa is truly a dynamic, transformative place, experiencing strong economic growth which is projected to be about 4% this year. With last year’s GDP increase of 3.5%, Africa is the fastest-growing region in the world after Asia, according to the African Development Bank,” said Ross.
“We want to encourage investment in the future of Africa, in its people, in building communities, and in providing the means to generate prosperity for millions of people.”
The International Monetary Fund (IMF) predicts that six of the top 10 fastest growing economies in the world will come from Africa, and with the US already boasting 30% of the Foreign Direct Investment (FDI) stock on the continent, more growth should be expected.
“I was in Africa last year with the President’s Advisory Committee on Doing Business in Africa, and I hope to be returning again in the near future. During that trip, the US Government signed memorandums of understanding with three countries – Kenya, Ethiopia, and Ghana — aimed at strengthening commercial ties and eliminating barriers to trade and investment. Since then, we have signed two more MOUs, with Côte d’Ivoire and Mozambique,” said Ross.
The leadership forum was organised by the Corporate Council on Africa and the Chamber of Commerce’s US-Africa Business Centre.
