Angola’s President João Lourenço has made the case for “mutually beneficial” investment in Africa at a key summit with US companies, reports the Africa-focused press agency APAnews.
Lourenço kicked off the 17th US-Africa Business Summit in Luanda with a call for more American companies to build long-term, mutually beneficial partnerships on the continent. “New dynamics show us it is time to replace the logic of aid with the logic of ambition and private investment,” he told the audience. “It is time to see Africa as a credible partner – rich in potential, in need of financial capital and know-how and eager to join forces for mutual benefit.”
Lourenço emphasised the development of the continent, from a passive recipient of foreign aid to a dynamic growth frontier ripe for innovation and enterprise. He outlined a number of key sectors where US investment could be transformational, including renewable energy, agribusiness, technology and infrastructure.
Lourenço also highlighted incentives for investment in the continent, including improved market integration, abundant natural resources and a youthful growing population. Sub-Saharan Africa, in particular, is expected to see unprecedented growth in its working-age population over the next 25 years, increasing by more than 600 million to nearly double what it is today.
The “new dynamics” cited by Lourenço reflect the growing economies and improved business landscape of the continent, as well as a growing awareness among African authorities about the priorities of Washington.
[See more: In Angola, Biden says the US is ‘all in on Africa’]
President Donald Trump gutted foreign aid, slashing 83 percent of programmes under the US Agency for International Development (USAID) and much of its over 10,000-strong staff across more than 100 countries. USAID provided US$6.5 billion in humanitarian assistance to sub-Saharan Africa last year, according to Think Global Health – an online platform set up by the US Council on Foreign Relations think tank.
“It is business – not aid – that drives lasting growth,” said Troy Fitrell – head of the Department of State’s Bureau of African Affairs – in a video posted on X on 20 June. He said he was travelling to the US-Africa Business Summit to “advance deals that benefit people across Africa and here in the United States.”
As head of the delegation, Fitrell will also be visiting America’s flagship investment in Angola: the Lobito Corridor, a US$4 billion infrastructure product expected to strengthen the supply chain of critical minerals from Central Africa to the US. Despite the project’s origins under his predecessor, Trump appears to be intent on continuing it. Reporting from Bloomberg indicates that Angolan officials and the US International Development Finance Corporation (DFC) are negotiating a new US$500 million investment in the railway on the sidelines of the summit.
The US-Africa Business Summit is organised by the Corporate Council on Africa, a leading US trade association focused on building business ties with Africa, in collaboration with the host government.
Hosted by Angola for the first time, this edition of the high-level summit brings together more than 2,000 delegates, including heads of state and government, senior US officials, African Union officials, diplomats, bankers and policymakers.
