Congratulations from Washington, DC, I would like to thank the Corporate Council of Africa, the Kingdom of Morocco and His Majesty King Mohammed for hosting the 2022 US and African Business Summit. I am honored to participate in this inaugural event.
President Joe Biden and I recognize the critical importance of strengthening our relationship with African countries. To do this, I will start with some very important news. President Biden and I look forward to welcoming leaders from across the African continent to Washington, DC, from December 13-15 for the Summit of Leaders of the United States and Africa.
This summit will demonstrate America’s ongoing commitment to our African partners and will be based on the principles of mutual respect and shared interests and values. And the critical part of this Summit will be to strengthen our economic relationship, which leads me to the importance of this meeting of public and private sector leaders in Marrakech.
I believe in the power of the public-private sector — partnerships that bring together the experience and specialization of the private sector with the government’s role in acting for the public good and public trust, and the reach and power that governments can provide. only for any effort.
By working together, we can unleash the growth and opportunity that the public or private sector can achieve on its own. And, as everyone here knows, there is a lot of potential for growth – in Africa and, of course, in the United States – when we all work together and coordinate.
Africa is a growing continent on the world. By 2030, the continent will have 1.7 billion people, living in one-fifth of the world’s population. The continent is also getting younger, more urban and more connected. The demand for food, health, education, technology and infrastructure is growing.
However, barriers remain: limited access to capital, high cost of financing, and legal and regulatory barriers. In addition to the global challenges facing Africa, the recovery of the COVID-19 pandemic, including the climate crisis and food insecurity.
The Biden-Harris Administration is committed to working with all of you to address these issues in support of the 2063 Agenda for the African Union.
With regard to food insecurity, we are aware of the urgent need to increase the production and exports of African and African food, a challenge that was exacerbated by Putin’s war in Ukraine. To that end, since last October, the United States has committed more than $ 7 billion to humanitarian aid and food security across Africa.
Overall, the goal of our Administration is to promote inclusive and sustainable economic growth and development across the continent, to expand capital flows, and to foster a strong spirit of entrepreneurship and innovation that is so prevalent across Africa.
I am pleased to see the progress made in the implementation of the African Continental Free Trade Area and we will work with you to ensure its success.
The United States is committed to using all the tools at our disposal, including development finance, grants and technical assistance, and support for legal and regulatory reforms, all of which will help our African partners move forward.
As part of this, our signature investment initiative in Africa — Prosper Africa — has gathered a delegation to be with you in Marrakech. Directed by Alice Albright, CEO of the Millennium Challenge Corporation, it brings together officials from 10 U.S. government departments and agencies. It also includes a group of investors who manage more than a trillion dollars in assets.
In the coming days, our delegation will discuss various issues with you. This includes work to advance our new global infrastructure initiative, and work to mobilize hundreds of billions of dollars for investments in high-quality sustainable infrastructure.
It also includes our efforts to expand Power Africa, one of our largest public-private partnerships in the world; this work will increase access to electricity, promote a fair energy transition, and so on.
This week’s meeting is very important. When everyone is at the table, we can better collaborate, coordinate, and identify new opportunities. So I wish you a fruitful Marrakech Summit.
This work will benefit business relations and diplomatic relations in the United States and Africa. And most importantly, it will benefit the people of Africa and the people of the United States.
