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Daya: Focus is on more concerted U.S strategy for Africa
Yusuf Daya, Director at Afreximbank says the United States remains a key partner for Africa stressing one key lesson from the African Growth Opportunity act in the last 25 years is that tariff reduction alone have not stimulated trade sufficiently. In a chat with CNBC Africa at the on-going U.S –Africa Business Summit, he notes the next phase of engagements should focus on new and innovative ideas to stimulate trade and support Africa’s industrialization ambitions through the provision of incentives for U.S business who locate facilities on the continent beyond mineral extraction.
Wed, 08 May 2024 11:57:01 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Yusuf Daya emphasizes the need for new ideas to stimulate trade between the U.S. and Africa.
- AGOA's tariff reduction alone has not been enough to boost trade, suggesting the need for reforms.
- A more concerted U.S. strategy for Africa, including implementing Prosper Africa, could drive mutually beneficial outcomes.
Yusuf Daya, Director at Afreximbank, emphasized the importance of the United States as a key partner for Africa's industrialization ambitions. In a conversation with CNBC Africa during the U.S.-Africa Business Summit, Daya highlighted a key lesson learned from the last 25 years of the African Growth Opportunity Act (AGOA) - tariff reduction alone has not done enough to boost trade. He called for a shift towards new and innovative ideas that could stimulate trade and support Africa's industrialization goals, particularly by offering incentives to businesses willing to establish facilities on the continent beyond just mineral extraction. Daya urged for a more concerted U.S. strategy for Africa that focuses on mutually beneficial outcomes, suggesting that reforms to AGOA should be carefully considered to ensure it aligns with these goals. He also mentioned the importance of implementing Prosper Africa and providing investors with the confidence needed to make strategic investments in Africa.
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