The US is waking up to the opportunities for trade with Africa.
According to a statement released yesterday, the Sub-Saharan Africa Advisory Committee (SAAC) of the Export-Import Bank of the United States (Exim) is exploring ways for Exim to support critical industries – such as agriculture, telecommunications, and health care – with a view to creating a beneficial economic partnership between the United States and sub-Saharan Africa.
Exim and other United States government agencies are planning a “whole-of-government economic effort” to increase two-way trade and investment.
With six of the ten fastest-growing economies in the world and more than one billion consumers, Africa is poised to play a pivotal role in the global economy – and while China has already made major inroads, the US has some way to catch up.
China is the top exporter of goods to 19 of 48 sub-Saharan African countries and has become Africa’s largest trading partner. Forty countries on the continent have signed bilateral trade agreements with Beijing.
The new mandate will help American companies to export their goods and services to countries in SSA.