This article focuses on how American enterprises can conduct business in Africa. This continent is home to 6 of the ten fastest growing economies in the world.
Until now, President Trump has not spelled out a coherent economic policy on Africa. In fact, he hasn’t visited any African country ever since he assumed office in December 2016. Rex Tillerson, Secretary of State made his maiden Africa visit in March this year. Until then, none of the top three American officials had visited this continent.
However, the previous American government had identified Africa as a valuable trading partner.
Let us look at some of the key policy initiatives regarding Africa taken by the Obama administration. Most of these measures are still in place.
- As of 2014, trade of the US with Africa had tripled over the last decade. The same year, American exports to Sub-Saharan Africa touched USD 21 billion.
- From 2015, America- Africa trade grew by approximately 20 %.
- According to the World Bank, Sub- Saharan Africa will grow between 3.2 % and 3.5% in 2018 and 2019.
- Six of the top fastest growing economies in the world are located in Africa.
To grow the America- Africa trade further, The US government has started a series of financing initiatives. These are:
- The Clean Energy Fund headquartered in Johannesburg, South Africa- This initiative helps Sub-Sahara African as well as US private sector companies to raise funds for products based on clean energy.
- The Obama administration also announced the setting up of US-Africa Clean Energy Initiative to increase support for US businesses and exporters in the clean energy sector. This Initiative is the joint effort of US State Department, Overseas Private Investment Corporation, and USTDA. The corpus if this Initiative is USD 20 million.
- The US administration also enhanced several Ex-Im initiatives under which Ex-Im could finance up to USD 20 billion in American products and technologies in the energy sector.
Contacts- Doing Business in Africa
This list gives you all the contact details of American personnel who will help you do business in Africa.
- Angola- julia. firstname.lastname@example.org
- Ethiopia- email@example.com
- Ghana- firstname.lastname@example.org
- Kenya- email@example.com
- South Africa- firstname.lastname@example.org
- Tanzania- RJ.Donovan@trade.gov
Africa Market Intelligence
In addition to the above resources, you may also consult the following organizations for doing business in Africa.
- International Trade Administration
- Ernst and Young
- IMF Regional Outlook
- World Bank Africa
- McKinsey Reports
- United Nations Conference on Trade and Development
- Organization for Economic Cooperation and Development
- The Africa Report
- Africa Business Portal
If you want to know more about the various pacts and trade agreements of America with Sub-Saharan African nations, please click this link