The United States has engaged in an extensive effort to bolster its ties with African nations, finalising numerous trade and investment agreements totaling $14.2 billion in the past year, Voice of America reported.
This initiative aims to counteract the increasing influence of China on the continent. The 547 new agreements, a 67 per cent surge from 2022, signify a significant commitment to fostering economic and strategic partnerships, according to British Robinson, coordinator for the Prosper Africa trade and business initiative.
“The US business and investment community is increasingly recognising Africa’s extraordinary market potential and dynamism. The continent is home to the world’s youngest population, an asset that creates significant opportunities for viable business deals that create jobs and foster shared prosperity,” Robinson emphasised during a virtual media briefing on 12 December.
Judd Devermont, US National Security Council senior director for African Affairs, highlighted the record-breaking year in US-Africa relations, with the US on track to fulfil its commitment to invest USD 55 billion over three years. “As we wind down 2023, we have already delivered on more than 40 per cent of this commitment. In fact, by the end of year two, we anticipate surpassing 70 per cent of our goal, if not more,” Devermont stated, outlining the diverse areas where these resources have been applied, according to Voice of America.
The developments follow President Joe Biden’s commitment at the US-Africa Leaders Summit in Washington, where he pledged to intensify US involvement on the continent to counterbalance China’s expanding influence through initiatives like infrastructure projects and loans. Devermont, Biden’s top Africa adviser, stressed that Africa holds not just economic but also political significance.
