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Blog Category: Doing Business in Africa

Why is Everyone Talking About Africa?

President Obama and Senegal President Sall at press conference. Photo by White House, Pete Souza.

Claudia Easton is an intern in the International Trade Administration’s Office of the National Export Initiative and Trade Promotion Coordinating Committee. She’s studying Economics and Political Science at Amherst College. Cross-posted from Tradeology.

With the President’s recent trip to Senegal, Tanzania and South Africa, as well as the announcement of two new trade initiatives, the spotlight is on Africa – and with good reason.

While speaking at the Business Leaders Forum in Tanzania, President Obama spoke of beginning a new level of economic engagement with Africa. The Doing Business in Africa Campaign (DBIA) is part of the president’s strategy, and the International Trade Administration (ITA) is proud to join other government agencies to support  DBIA initiatives that are helping U.S. businesses compete on the continent.

Trade Africa aims to facilitate expanded trade on the continent. Its initial focus will be on the East African Community (EAC), a market with increasingly stable and pro-business regulations. The plan will support increased U.S.-EAC trade and investment, EAC trade competitiveness, and regional integration. The United States seeks to expand this initiative to other regional economic communities on the continent.

Power Africa is intended to build on Africa’s enormous power potential to expand electricity access to the more than two-thirds of the population that is without power. The President pledged $7 billion in U.S. government support, in addition to $9 billion in private money, over the next five years to double access to electricity in sub-Saharan Africa. Power Africa will help attract investment in Africa’s energy sector, build capacity for reform in the energy sector, and encourage transparent and responsible natural resource management.

Exporting to Africa: The Success of the DBIA Campaign

President Obama and Senegal President Sall at press conference. Photo by White House, Pete Souza.

President Obama believes sub-Saharan Africa could be the world’s next major economic success story. That is why in June 2012, he issued the U.S. Strategy Toward Sub-Saharan Africa (PDF) to escalate the U.S. efforts to stimulate economic growth, trade, and investment in the region. One year later, the President is in Africa to highlight our success under this strategy.

A key component of the President’s strategy is the Doing Business in Africa (DBIA) Campaign, which was launched by the U.S. Department of Commerce in Johannesburg, South Africa last November. Its main objective is to bolster federal trade promotion and financing capabilities in order to help U.S. businesses obtain trade and investment opportunities. With these opportunities, the United States’ commercial relationship with Africa will continue to grow.  

Since its unveiling, Commerce has been working alongside other federal agencies to encourage U.S. companies–with a focus on small- and medium- sized businesses and African Diaspora-owned business–to trade and invest in the region. A little more than six months into the Doing Business in Africa Campaign, we wanted to share some of successes with you.

Doing Business in Africa Forum Presents Opportunities for American Businesses in Sub-Saharan Region

Francisco Sánchez, Under Secretary of Commerce for International Trade and Minority Business Development Agency National Director David Hinson Address the Doing Business in Africa Forum

Guest blog post by Francisco Sánchez, Under Secretary of Commerce for International Trade and David Hinson, National Director, Minority Business Development Agency

Earlier this week, we attended the Doing Business in Africa Forum at the White House. This was the first forum of the Doing Business in Africa campaign that the Commerce Department launched three months ago in Johannesburg, South Africa. Deputy Secretary of Commerce Rebecca Blank gave the opening remarks and focused on strengthening commercial ties between the United States and Sub-Saharan Africa. She emphasized that as the continent’s wealth increases, so does the demand for improved infrastructure, energy services, and high-quality consumer and agricultural products – all of which American companies are well positioned to provide. In fact, Sub-Saharan Africa is home to six of the ten fastest-growing countries in the world, which helps explain why over the past decade, U.S. trade to and from Africa has tripled, with U.S. exports now topping $21 billion.  Michael Strautmanis, Deputy Assistant to the President and Counselor for Strategic Engagement, welcomed the group of federal government officials, African-born U.S. business and financial leaders, and African-American entrepreneurs, corporate executives, fund managers and investment advisors. Mr. Strautmanis emphasized the need for a collective approach from federal agencies to provide expanded investment and trade financing support to help U.S businesses become more effective global competitors, particularly in the Sub-Saharan region.

Amplifying that message, both of us, along with representatives from government entities including the Overseas Private Investment Corporation, Export-Import Bank, Small Business Administration, Office of the U.S. Trade Representative, U.S. Trade and Development Agency and Millennium Challenge Corporation, described for the assembled group how all of our services are structured under the Doing Business in Africa campaign to help them seize opportunities in the Sub-Saharan Africa region.