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Blog Category: U.S. Africa Business Forum

Secretary Pritzker Celebrates Female Entrepreneurs during Women’s Entrepreneurship Day

Secretary Pritzker Celebrates Female Entrepreneurs during Women’s Entrepreneurship Day

U.S. Secretary of Commerce Penny Pritzker celebrated Women’s Entrepreneurship Day this week as part of the Global Entrepreneurship Summit (GES) in Marrakesh, Morocco. Secretary Pritzker helped lead the U.S. delegation to the Summit to demonstrate the U.S. government’s continued commitment to fostering entrepreneurship around the world. More than 3,000 entrepreneurs at all stages of business development, business leaders, mentors and high-level government officials gathered for the 5th Annual Global Entrepreneurship Summit. 

At last year’s GES in Malaysia, President Obama asked Secretary Pritzker to chair the Presidential Ambassadors for Global Entrepreneurship (PAGE) initiative, and she convened the first-ever meeting of that group this past April. PAGE is made up of 11 well-known American entrepreneurs who are dedicating their time and resources to inspiring the next generation of entrepreneurs in the U.S. and abroad. Three PAGE members joined the Secretary at this year’s GES, including Alexa von Tobel, Founder and CEO of Learnvest, Daphne Koller, Co-Founder and President of Coursera, and Hamdi Ulukaya, Founder and CEOS of Chobani.  

In honor of Women’s Entrepreneurship Day, Secretary Pritzker delivered the keynote address to approximately 300 women entrepreneurs. She discussed America’s leadership in empowering entrepreneurs at home and abroad and touted how a strong entrepreneurial society can lead to greater economic growth, stability and security, and a rising middle class. During her remarks, she also addressed the challenges that face women entrepreneurs today including lack of access to capital, training in vocational and technical skills, and access to information and technology. Structural obstacles also create enormous difficulties for women and men who want to grow a new business and Secretary Pritzker highlighted some of those obstacles. Secretary Pritzker discussed how female entrepreneurs all over the world need a change in culture to support their work. She expressed that countries need a strong educational system that produces students able to think broadly and creatively, and to accept and take risks while also stressing that countries need to have laws that make it easy for innovators to both start a company and wind it down. 

During her first day in Morocco, the Secretary also spoke with representatives from 80 American Chambers of Commerce headquartered throughout Africa, who were also gathered in Marrakesh for the Global Entrepreneurship Summit. She discussed the Department’s Doing Business in Africa campaign, designed to leverage the power of the U.S. business community in Africa and encouraged U.S. trade promotion and investment to all regions of Africa. 

AAR Lands Multi-million Dollar Supply Chain Deal with Kenya Airways with Help of U.S. Government Advocacy Efforts

For the first time since the Obama administration’s “Doing Business in Africa” initiative went into effect, an aviation company has landed a multi-year deal in Africa. AAR, a global aerospace, government and defense contractor, recently announced a five-year deal with Kenya Airways. Under the conditions of this multi-million dollar accord, Kenya Airways agrees to provide power-by-the-hour component support for its fleet of 737NG aircraft, while AAR places inventory on site in Nairobi and offers rotable pool support from its newly established supply chain in Brussels.

The U.S. Department of Commerce’s leadership and staff from Washington D.C., Chicago and the U.S. Embassy in Kenya aided the finalization of this arrangement by connecting AAR’s top executives with African government and business officials during a visit to Nairobi, Kenya. The successful advocacy strategy was also supported by several inter-agency partners including the U.S. State Department.

Deals like these are one of the key reasons the U.S. Department of Commerce and Bloomberg Philanthropies hosted the inaugural U.S.-Africa Business Forum on Tuesday. The event, part of President Obama’s U.S.-Africa Leaders’ Summit, focused on trade and investment opportunities on the continent. The Forum highlighted U.S. private sector engagement in Africa in the areas of finance and capital investment, infrastructure, power and energy, agriculture, consumer goods, and information communication technology. Heads of state engaged with business executives from both sides of the Atlantic in conversations about successes and solutions to build greater access for trade and investment in Africa. The day served as a catalytic opportunity for American companies to increase economic partnerships and investment in Africa and ended with the announcement that U.S. companies plan to invest more than $14 billion in the continent.

While these announcements and deals are exciting moments, they take great preparation and negotiation. For example, AAR contacted the U.S. Department of Commerce’s Advocacy Center for assistance in reaching decision-makers at Kenya Airways, including the CEO. Over the course of several months, AAR representatives were provided with assistance on meeting legal requirements, establishing business protocols, and cultivating key business relationships in Kenya. The advocacy effort was brought to the attention of then-Acting Commerce Secretary Rebecca Blank, who in late 2012, personally advocated on behalf of AAR to Kenya Airways and government officials during her trip to Nairobi, Kenya; providing an additional measure of support which helped secure the business deal for AAR.

Secretary of Commerce Penny Pritzker Highlights U.S. Commitment to Doing Business In Africa

Secretary Pritzker Joins Mayor Bloomberg and President Obama at the U.S.-Africa Business Forum

Yesterday, at the U.S.-Africa Business Forum, U.S. Secretary of Commerce Penny Pritzker highlighted a number of Commerce Department efforts to help more American businesses explore opportunities in Africa’s fast-growing markets. The Forum, focused on trade and investment opportunities on the continent, was part of President Obama’s three-day U.S.-Africa Leaders Summit, the largest event that any U.S. president has ever convened with African heads of state or government.

Co-hosted by the Department of Commerce and Bloomberg Philanthropies, the U.S.-Africa Business Forum was created to encourage greater U.S. investment in Africa, foster business deals, and help create jobs on both sides of the Atlantic. During remarks at the Forum, President Obama announced that U.S. businesses have already committed to investing $14 billion in clean energy, aviation, banking, and construction projects, among other commitments totaling more than $33 billion that support economic growth in Africa and thousands of U.S. jobs.

The Commerce Department leads the Doing Business in Africa (DBIA) campaign, which was launched in 2012 as part of the President Obama’s “U.S. Strategy Toward Sub-Saharan Africa.” DBIA aims to increase U.S. trade promotion to Africa, address market barriers, expand the availability of trade financing, and attract more American companies to explore sub-Saharan Africa trade and investment opportunities.

In an op-ed published by Forbes, Secretary Pritzker and Michael Bloomberg touted the business deals signed during the forum and made the case for Africa as a prime investment location. “We know what is possible when American companies work hand-in-hand with African counterparts: we can help raise living standards and pave the way for future growth.” One example of the benefits of these partnerships can be seen through IBM, who opened Africa’s first major commercial technology research lab in Kenya to pioneer consumer-facing innovations aimed at African markets. This forum was only the beginning, and highlighted American companies willingness to increase their economic partnerships and investment in Africa.

Secretary Pritzker Highlights the Work by the Commerce Department to Improve Trade and Investment with Africa at the Historic U.S.-Africa Business Forum

U.S. Secretary of Commerce Penny Pritzker delivered opening remarks at the U.S.-Africa Business Forum, a day focused on trade and investment opportunities on the continent. In her remarks, Secretary Pritzker stated that the U.S.-Africa economic relationship is fundamental to our mutual peace and prosperity. She discussed the work that the Commerce Department is doing to advance President Obama’s vision for the future of U.S.-Africa relations, including expanding the Foreign Commercial Service presence across the continent. She announced that the Department of Commerce and the U.S. Trade and Development Agency will lead 10 new trade missions to Africa and 10 reverse trade missions to the United States by 2020. She also announced the start of NIST’s Global Cities Challenge to catalyze the development of “smart cities,” as well as the launch of a new web portal for American businesses to explore opportunities in Africa. We want to make doing business in Africa easier for every business. Noting that increased trade and investment in Africa will spur growth on both sides of the Atlantic, Secretary Pritzker expressed her hope that the business and government leaders will keep the U.S.-Africa partnership open for more growth and success.

U.S.-Africa Business Success Stories: How a Supplier of Powerboats to the U.S. Military Started Doing Business in Nigeria

Note: This post is part of the U.S.-Africa Business Success Stories series highlighting the work of the Department of Commerce to strengthen the economic relationship between U.S. and African businesses. This series will lead up to the U.S. Africa Business Forum on August 5th, the first of its kind event, which will convene African heads of state and government, U.S. government officials and business leaders to discuss trade and investment opportunities on the continent.

Hann Powerboats’ customers include the United States Air Force, United States Navy, and the United States Army Corps of Engineers – and now, because of assistance that the company received from the Department of Commerce, they can add another name to their impressive list: the Nigerian oil and gas company, MOP Marine.

U.S. businesses like Hann Powerboats are increasingly seeing tremendous economic opportunity in Africa, and the reason why is simple: Africa is thriving. From 1995 to 2013, Africa experienced an average annual GDP growth rate of 4.5 percent. In 2012, eight of the twenty fastest growing economies in the world were in sub-Saharan Africa, and, according to the IMF, in 2013, total U.S. two-way goods with the region were $63 billion. Africa’s potential to be the world’s next major economic story is why businesses in the United States, like Hann Powerboats, want to offer their products, services, and expertise to help unlock even more of Africa’s potential – that is why the Obama Administration and the Department of Commerce remain committed to assisting American businesses in finding opportunity in this economically expanding region.

Hann Powerboats became interested in expanding its business to Africa when it was approached by a potential client in Nigeria to secure MOP Marine’s need for patrol boats. Hann Powerboats asked for assistance from the Tampa Bay U.S. Export Assistance Center (USEAC) and the U.S. Commercial Service (CS) team in Lagos to help with vetting this potential partner, and CS Lagos was able to facilitate meetings between Hann Powerboats and MOP Marine. The Tampa Bay USEAC then helped put Hann Powerboats in touch with the Nigerian Embassy in Washington D.C. to help with them acquire proper documentation. The result of this assistance allowed Hann Powerboats to make sales to MOP Marine for over $4 million.

The U.S. Partnerships and Initiatives Spurring Economic Growth in Africa

President Obama has called Africa “the world's next great economic success story.” According to the African Development Bank, Africa maintained an average GDP growth rate of 3.9 percent in 2013, exceeding the 3 percent rate for the global economy.  U.S. exports to the continent of Africa have grown 39 percent since 2009, reaching $50.2 billion in 2013. The brightest spot has been U.S. merchandise exports to sub-Saharan Africa, which have increased 58 percent since 2009.

Building on this progress, the Department of Commerce and Bloomberg Philanthropies are co-hosting the U.S. Africa Business Forum on August 5, a day focused on trade and investment opportunities on the continent. Part of the first-ever U.S.-Africa Leaders Summit taking place August 4-6, the Forum is part of the Administration’s efforts to explore Africa’s huge economic potential:

  • U.S. Strategy Toward Sub-Saharan Africa: In 2012, President Obama announced the U.S. Strategy Toward Sub-Saharan Africa, a comprehensive policy strategy to address the opportunities and challenges in Africa in a forward-looking way. The Strategy focuses on strengthening democratic institutions; spurring economic growth, trade, and investment; advancing peace and security; and promoting opportunity and development. 
  • Doing Business in Africa: As part of the Strategy, the Department of Commerce launched the Doing Business in Africa Campaign, which has helped U.S. businesses take advantage of the many export and investment opportunities in sub-Saharan Africa. As part of the campaign, Commerce has expanded trade promotion programs tailored toward Africa and dedicated an online Africa business portal directing businesses to federal resources.
  • Commercial Service expansion: To expand Commerce’s human resources footprint in Africa, Secretary Pritzker recently announced the opening of new U.S. Commercial Service offices across the continent. The U.S. Commercial Service helps U.S. businesses start exporting or increase sales to new global markets. By expanding its Commercial Service teams in Ghana, Kenya, Morocco, and Libya, and opening offices in Angola, Tanzania, Ethiopia, and Mozambique for the first time, the Department of Commerce hopes to help U.S. businesses find their next customer abroad and create jobs in Africa.

U.S.-Africa Business Success Stories: How a Texas Oil Company Started Doing Business in Cameroon and Morocco

Note: This post is part of the U.S.-Africa Business Success Stories series highlighting the work of the Department of Commerce to strengthen the economic relationship between U.S. and African businesses. This series will lead up to the U.S. Africa Business Forum on August 5th, the first of its kind event, which will convene African heads of state and government, U.S. government officials and business leaders to discuss trade and investment opportunities on the continent.

The geographic distance between Texas-based Arnold Oil Company and Sub-Saharan Africa may be thousands of miles, but their economic relationship has never been closer. U.S. businesses like the Arnold Oil Company are increasingly finding economic opportunity in Sub-Saharan Africa: between 2001 to 2012, U.S. trade to sub-Saharan Africa tripled from $6.9 billion to $22.5 billion dollars. Africa is now home to six of the top ten fastest growing economies in the world, leading President Obama to call sub-Saharan Africa the “world’s next major economic success story.” That is why the Department of Commerce is working to facilitate and advocate for American businesses in this growing region, and U.S. firms are eager to help unlock even more of Africa’s economic potential.

A family-owned supplier of automotive and oil lubricant products, the Arnold Oil Company became interested in expanding its business abroad. They met with the U.S. Export Assistance Center (USEAC) in Austin to request assistance in developing an exporting and marketing plan for their products. After creating a plan that satisfied the company, the USEAC arranged for a meeting with a representative from the U.S. Export-Import Bank to assist the Arnold Oil Company with financing its exports.

But the USEAC took its assistance one step further, introducing the Arnold Oil Company to a buyer in Cameroon, who eventually was signed as a distributer. As a result of this relationship, the Arnold Oil Company was able to ship their first exports of oil lubricants to Morocco, generating revenue of more than $24,000 in 2013. With assistance from the USEAC, the Arnold Oil Company was able to expand its business into one of the most economically dynamic regions in the world.