Agoa.info - African Growth and Opportunity Act
TRALAC - Trade Law Centre
You are here: Home/News/Article/USAID Administrator Samantha Power on financing new pathways to a stronger US-Africa economic partnership

USAID Administrator Samantha Power on financing new pathways to a stronger US-Africa economic partnership

USAID Administrator Samantha Power on financing new pathways to a stronger US-Africa economic partnership
USAID Administrator Samantha Powers
Published date:
Thursday, 29 July 2021
Author:
USAID Speeches
Source:
Africa Media Hub

Good morning everyone, it’s an honor to be here with you today at this year’s U.S.-Africa Business Summit.

I want to offer a special thanks to Florie Liser and the Corporate Council on Africa for convening this important event.

This year, USAID, the Agency that I have the privilege of running, turns 60. And for those 60 years, the U.S.’ relationship with the continent of Africa has largely been the same.

It is a relationship rooted in foreign assistance—in the U.S. working with partner countries to develop their institutions, and investing in education, healthcare, agriculture, and energy, to support Africans’ pursuit of what has been extraordinary progress.

That assistance has been critical, helping dramatically reduce the rates of HIV and malaria, helping lift millions from extreme poverty, and helping Africa record the biggest increases in primary school enrolment of any region in the world.

And our unwavering and long standing commitment to Africa will continue, as we partner with countries to battle a crippling third-wave of COVID-19, build resilience to climate shocks, and strengthen the rule of law amidst a troubling democratic decline on the continent.

But we must turn the page on this chapter of our history. We have to evolve, from a relationship based mostly on aid, to one based on trade. We must strengthen private sector ties between our countries, spur economic investment at a scale that could never be matched by foreign aid, and help Africans realize the kind of sustainable, independent future that they have long sought.

That’s the spirit behind the Prosper Africa Build Together Campaign that we are launching at this Summit. As you have heard throughout this conference, the U.S. is reinvigorating our Prosper Africa initiative through the Build Together Campaign, to elevate our commitment to two-way trade and investment between African nations and the United States.

The Campaign demonstrates the Biden-Harris Administration’s commitment to building a better, stronger, more secure and inclusive trade and investment relationship with Africa.

Public investment in developing countries represents just 10 percent of all global financial flows. It is businesses and investors like you, harnessing your resources, your technology, and your expertise, that will truly drive the continent’s long-term economic growth and prosperity.

Through Prosper Africa, USAID will directly connect American investors with African businesses ripe for investment by funding delegations and making crucial connections to local actors, leveraging our long-standing relationships on the continent. This work will help American businesses access Africa’s fast-growing markets, and create thousands of jobs for both African and American workers.

We will have a special focus on small businesses and those led by the African Diaspora—businesses that represent America’s diversity and underscore the deep ties between America and Africa.

One way we will increase investment is by tapping into one of the largest pools of underutilized capital in the world—U.S. pension funds. U.S. pension funds hold $18 trillion dollars in assets that are hungry for high-yield returns, the type of returns you get by investing in Africa.

Angela Miller-May, Chief investment Officer of the Chicago Teachers’ Pension Fund, participated in several USAID-sponsored investor delegations to various countries in Africa. Those trips opened her eyes to the growth and potential of the African economy.

As she put it:

“Before my first delegation... my understanding of Africa was based on what I had seen on TV or read in the news, and I perceived Africa as a place of risk. But all of those perceptions quickly went out the door: I saw that Africa was filled with opportunities. The discussions [I had]...shortened the distance between the U.S. and Africa for me.”

After those trips, Angela decided to make the fund’s first investment in Africa—a $20 million investment in African companies working in healthcare, education, technology, and other vital sectors of the economy.

This kind of investment is win-win. It gives innovative African businesses the resources they need to grow, while putting money in the pockets of America’s workers....and it would have never happened, had USAID not put Angela on her first plane to the continent.

Through the Prosper Africa Build Together Campaign, we will continue to “shorten the distance” between U.S. investors and African businesses.

Through the Prosper Africa Build Together Campaign, we will leverage our longstanding presence on the ground to build a better, stronger, more secure, and inclusive trade and investment strategy for African nations and the United States.

We will do this in partnership with African countries and in accordance with American values rooted in mutual respect, national sovereignty, democratic governance, and individual dignity—not as a means to advance our own interests or seek favors in return.

We believe in the nations of Africa, in their potential, and in the entrepreneurial and innovative spirit of the African people. Now we have to work to turn that belief into action, so we can truly write a new chapter in our relationship with the people of the continent.

I thank you.

Read related news articles

Liberia: ECOWAS, USAID sensitise economic operators on AGOA, Food Safety Act in Liberia

The Economic Community of West African States (ECOWAS), in collaboration with the United States Agency for International Development (USAID), commenced a two-day sensitization workshop for economic operators on the African Growth and Opportunity Act (AGOA) and Food Safety Act in Monrovia. However, the African Growth and Opportunity Act (AGOA) is a U.S. unilateral trade preference program that allows eligible countries in sub-Saharan...

19 July 2023

US recognizes top Mozambique exporters at second annual exporter awards ceremony [Video]

On August 11, USAID Mission Director Helen Pataki, joined by His Excellency the Minister of Industry and Trade Silvino Augusto José Moreno, His Excellency Governor of the Maputo Province Júlio Parruque, and other partners recognized the continuing successes of Mozambican exporters in 2022. [ Scroll to the bottom to view a video of the event ] This was at the second edition of the Annual Exporter Awards, a collaboration between the...

15 August 2022

USAID and Namibian government showcase successes in Namibia

Today, the Chargé d’Affaires of the Embassy of the United States to Namibia Jessica Long and representatives of the United States Agency for International Development (USAID), together with the Namibian Government, reflected on the past six years of the Southern Africa Trade and Investment Hub (USAID TradeHub).  The event in Windhoek brought together stakeholders from the Namibian market to share experiences, successes, and lessons...

03 August 2022

Angola: USAID seeks to boost Angola's exports to USA

Angolan entrepreneurs will be able to export agricultural products, beverages and others to the United States of America market, through the mediation of the United States Agency for International Development (USAID). This information was provided today by the Acting Minister Counselor of the US Embassy in Angola, Christopher Hattayer, noting that the United States had been supporting efforts to increase economic growth in Angola since 2021...

04 April 2022

AWIEF launches a USAID funded program: Enhanced SME investment and export readiness through a digital platform

Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org) in partnership with USAID Southern Africa Trade and Investment Hub (USAID TradeHub) is proud to launch a new program which will increase the investor, export readiness and competitiveness of 100 SMEs in Southern Africa. The USAID funded ‘Enhanced Small Medium Enterprises (SMEs) Investment and Export Readiness Through a Digital Platform’ program is aimed at SMEs...

01 April 2022

South African AGOA Exporter of the Year Award winners announced [incl. Video]

Technical Systems (Pty) Ltd today received the “South Africa AGOA Exporter of the Year” Award for their excellence and innovation in reaching the United States market, through the African Growth and Opportunity Act (AGOA). Veldskoen Shoes (Pty) Ltd was the winner in the small enterprises category. Two Greens Lemons received the award for medium enterprises, while Technical Systems (Pty) Ltd also emerged as the winner...

24 November 2021

USAID Southern Africa to support upcoming Swakopmund international trade expo

The USAID/Southern Africa will collaborate with the government and the Namibia Chamber of Commerce and Industry (NCCI) for the upcoming 7th Swakopmund International Trade Expo (SWAITEX). Dr Takele Tassew, Agriculture and Trade Advisor for the USAID/Southern Africa Regional Economic Growth Office, confirmed in a statement that this partnership is possible because of a meeting they had with the Ministry of Industrialization, Trade and SME...

03 October 2019

A look back on the East Africa USAID Hub as the project comes to an end

After five years, the East Africa Trade and Investment Hub (the Hub), a USAID project, is coming to a close. This is an expected end as USAID projects typically run for five years. Since the USAID Hub began in 2014, we have been fortunate to work with dedicated entrepreneurs, private sector organizations, governments and development partners. Together, we have supported eastern Africa’s private sector to access and leverage economic...

14 August 2019

US apparel buyer linked to sourcing opportunities in Madagascar

On August 26-30, the USAID East African Trade and Investment Hub conducted a buyer mission to Antananarivo, Madagascar for a large publicly listed U.S. apparel company. The U.S buyer engaged with apparel companies in Madagascar and identified several sourcing opportunities that could support its production of apparel and related fashion goods across several top brands.  “Madagascar’s private sector is recognizing and fully embracing...

05 September 2018

USAID supports Kenya’s AGOA strategy to double duty-free exports by 2023

Kenya’s Ministry of Industry, Trade and Cooperatives has launched the Kenya National African Growth and Opportunity Act (AGOA) Strategy and Action Plan (2018-2023) alongside Kenya’s National Export Development and Promotion Strategy.  The new National AGOA Strategy outlines actions for priority sectors to increase the country’s exports to the U.S. by 10.4 percent annually. In 2017, Kenya exported goods worth $572 million to the...

31 July 2018

You are here: Home/News/Article/USAID Administrator Samantha Power on financing new pathways to a stronger US-Africa economic partnership