Million dollar deals up for grabs at the US-Africa summit - CNBC Africa

Million dollar deals up for grabs at the US-Africa summit

Southern Africa

by Trust Matsilele 0

S.African president Jacob Zuma will lead a delegation to Washington for the US-Africa summit. PHOTO: Speechlog

Up to 900 million US dollars worth of deals between US companies and African countries will be announced at the US-Africa summit.

(READ MORE: USA looking for AGOA legislation renewal)

An African Growth and Opportunity Act Forum is expected to take place in the side-lines of the summit.

The African Growth and Opportunity Act (AGOA) is the US government’s signature trade initiative with sub-Saharan Africa.

Over 40 African heads of state are expected to grace the occasion with the perception that the US will fight to reassert its influence in Africa currently depleting due to China’s rising influence.

“South Africa remains one of the largest destinations for foreign direct investments in the African continent, we are expecting to get proportion of that,” South Africa’s trade and industry of Minister Rob Davies told CNBC Africa.

(READ MORE: AGOA steadily improving trade between S.Africa and USA)

South Africa exports a range of products to the US ranging from raw materials to agriculture produce, Davies is adamant that strikes in South Africa will not affect trade and scare away investors.


“Up to now we have not seen anybody announcing withdrawal from investment. We have had extraordinary strike in the platinum sectors but we should not assume that every strike that takes place will be at that magnitude,” added Davies.

Davies dismissed suggestions that the US would bully its African counterparts.

“We have an African agenda and we call on the US to relate to that African agenda and not to come and tell us what we ought to be.”