sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena : African Leaders Call for Investment-First U.S. Partnership and Tariff Reform

Tuesday, 24 June 2025

African Leaders Call for Investment-First U.S. Partnership and Tariff Reform


African heads of state and finance leaders on Monday urged the United States to shift its approach from aid to investment and to immediately review punitive tariffs that hamper African exports. The appeal came during the U.S.-Africa Business Summit held in Luanda, where more than 2,000 delegates gathered.

Angolan President João Lourenço opened the event by stressing the urgency of a new economic model between the U.S. and Africa: “It is time to replace the logic of aid with the logic of investment and trade.”

He encouraged American businesses to expand beyond resource extraction and invest in emerging sectors like automotive and shipbuilding industries, tourism, cement, and steel production.

Mahmoud Ali Youssouf, Chairperson of the African Union Commission, echoed the sentiment. “We’re not seeking aid, but building co-created solutions,” he said, advocating for the removal of tariffs and visa restrictions while highlighting Africa’s 1.3 billion people as an unmatched economic opportunity.

“This should not just be a summit, but a call to action. Together, let’s walk the pathways to prosperity—with unity, purpose, and Agenda 2063 as our guide,” he added.

African Development Bank Group President Dr. Akinwumi Adesina emphasized the role of trade in deepening U.S.–Africa ties. “We should review the high tariffs on African countries. What is needed is more trade between Africa and the U.S., not less.”

Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), reinforced Africa’s integration agenda. “The undertaking of the AfCFTA is an ambitious one—It has to be ambitious,” he said, noting that regional markets must be open to accelerate industrial development and reduce economic fragmentation.

From Rhetoric to Action: Strategic Partnerships Urged

The summit’s key message was that Africa is moving beyond aid dependency and toward strategic, investment-driven partnerships. Leaders called for bold, long-term capital investments to unlock the continent’s economic potential.

Troy Fitrell, a senior official from the U.S. State Department, acknowledged the need for stronger engagement. “There are business leaders in the U.S. who need to understand the opportunities that lie in doing business with Africa. Our mission going forward will be to find them—and bring them in.”

The U.S.-Africa Business Summit is a platform that brings together leaders from governments, private sector, and civil society to build sustainable and inclusive economic ties.

Dr. Adesina cited the Lobito Corridor as an example of such strategic collaboration. “That is why the African Development Bank is a key strategic partner with the U.S., Angola, and Zambia on the development of the Lobito corridor,” he said.

The corridor will enhance trade routes linking Zambia and the Democratic Republic of Congo to Angola’s port, boosting mineral logistics, agriculture, and job creation. The African Development Fund will contribute $500 million toward the project, while the Bank plans to invest an additional $1 billion over five years for related infrastructure, agriculture, and energy projects.

'Act on the Data, Not Perceptions'

Dr. Adesina urged American investors to take a data-driven view of Africa’s prospects: “As we build transport corridors, let us also build strategic partnership corridors. Strategic partnerships that prioritize capital investments in infrastructure, agriculture, minerals industrialization, and development of digital infrastructure, as well as capital markets.”

He continued: “Act on the data, not perceptions. Think Africa. Think opportunities. Think competition. From the U.S. International Development Finance Corporation to the Export-Import Bank of the United States, as well as institutional investors and capital allocations, invest in Africa. Let’s make America and Africa great again.”

Corporate Council on Africa President Florie Liser called for enduring change: “Beyond deals, let’s strive for lasting transformation.”

As part of the opening ceremony, the Council honored Dr. Adesina with its Distinguished Economic Leadership Award, recognizing his contributions to the continent’s economic transformation.

Council Deputy Chairman Jean Raymond Boulle presented the award, commending the African Development Bank’s leadership under Adesina and its impact on millions across Africa.

No comments:

Post a Comment