President Joe Biden's administration has reportedly launched a new initiative called Prosper Africa Build Together, requesting more than $80 million from US Congress to expand trade and investment between the United States and Africa.
Dana Banks, the United States' senior director for Africa, National Security Council, stated during an online press conference on Wednesday that the United States was ready to do business with Africa.
According to Banks, the campaign is a calculated effort to increase and reinvigorate the US’s commitment to trade and investment with nations throughout the African continent under the Biden and Harris administration.
And the country’s objective is to significantly enhance two-way trade and investment between the US and Africa by linking US and African investors and businesses with concrete deal possibilities.
Brookings Institution reported that South Africa earned $917 million in 2019 from exporting agricultural products and automobiles to the United States. Moreover, a separate research conducted by the University of South Africa in 2017 stated that the United States imported 10% of its wine from South Africa, totaling $59 million.
Meanwhile, the United States is now negotiating a free trade deal with Kenya as well.
Banks went on and added that America wants to be a part of Africa's progress. The continent’s growing integration into international markets, demographic boom, and thriving entrepreneurial culture offer a notable opportunity for the United States to strengthen economic ties and encourage new opportunities for both United States and African businesses.
Driving economic growth and employment generation, as well as greater US participation in the future of Africa.
According to Gerrishon Ikiara, a lecturer for international economic affairs at the University of Nairobi, the new effort would greatly help enhance the US-Africa relations.
Some detractors, however, believe the trade and investment proposal would jeopardize the 2019 establishment of the African Continental Free Trade Area, which promotes free movement of commodities and people throughout the continent.