U.S. President Joe Biden and Secretary of Commerce Gina Raimondo announced $15 billion in two-way trade and investment commitments, deals and partnerships between the U.S. and Africa.
The investments were announced at the 2022 U.S.-Africa Business Forum, according to a Dec. 20 news release.
"President Biden has taken unprecedented steps to ramp up U.S. government engagement with American business in support of Africa’s transformation," Raimondo said in the release. "At the Commerce Department, we are raising our game to grow U.S. business engagement in Africa."
Raimondo also talked about the Biden administration's ongoing commitment to improving business between the U.S. and Africa. Raimondo also echoed the administration's support for more two-way trade investments between the U.S. and Africa, according to the release.
Raimondo said commercial ties between businesses on both sides of the Atlantic need to include include women, young people and and Diaspora entrepreneurs, the release reported. The Commerce Department is there to assist with technical cooperation and trade missions and commercial advocacy.
Raimondo also announced she will lead a trade mission of U.S.-base companies and investors to Africa next year, according to the release.
"I believe we are at a tipping point in our commercial relationship, and it is time we move beyond aid to investment," Raimondo said in the release. "There is immense potential for what we can do together. The next generation of Africans and Americans deserve nothing less."
Biden also announced the launch of the Digital Transformation with Africa initiative, another initiative to protect Africa from cyber threats which would encourage U.S. investment and the implementation of the African Continental Free Trade Area, the release reported.
"When Africa succeeds, the whole world succeeds," Biden said in the release. "Trade runs on reliable infrastructure to support and secure resilient supply chains. And improving Africa’s infrastructure is essential to our vision of building a stronger global economy."
