US-Africa Business Summit 2022: A success story

The 14th US-Africa Business Summit 2022, which was held in Marrakech, Morocco, from July 19 to 22, was a success, according to the Ministry of Industry and Trade.

The summit’s attendees had the chance to converse over a three-day period on ways to improve trade, investment, and industrial ties between our continent and the United States, according to a statement from the ministry. The summit was held under the high patronage of HM King Mohammed VI.

Six foreign ministers, over 20 ministers representing various sectors, senior US and African government officials from over 50 countries, as well as representatives from US and African government agencies, investment and pension funds, and international and regional organizations, were present at this event.

More than 1,500 people attended the conference, 40% of whom were women, and 80% came from the major corporate groups in the US and Africa.

According to the same source, the event was organized into 37 sessions covering topics like innovation, new technologies, energy, and infrastructure. More than 200 representatives of national and African media covered these sessions.

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More than 450 US corporate executives, including representatives from Pfizer, Visa, Citi, Procter & Gamble, Chevron, Coca-Cola, Google, and significant African organizations, attended this event, which resulted in the signing of numerous business contracts and more than 5,000 relationships.

The event’s closing plenary, with its focus on “Building the Future Together,” offered a chance for attendees to collectively consider the prospects for a promising continent at all levels.

The Minister of Industry and Trade at the time, Ryad Mezzour, highlighted the King’s aim of implementing “a coherent and integrated policy towards our African brothers, based on a combined investment of wealth, human development, and strengthening economic cooperation.”

Africa has all the resources necessary to be a proactive participant and better integrate into the global value chains and transformation, despite a challenging environment filled with obstacles and characterized by the reconfiguration of the international economy.

African businesses have a crucial role to play and are expected to take financial risks in order to grow their industrial base and take advantage of the prospects presented by a broader market.

As African nations, our top priorities must be to prioritize guaranteeing supply and jobs while putting sovereignty at the center of all sector policies. “We must make a commitment to promoting domestic manufacture, building up strategic inventories of a few vital goods, and ensuring a variety of energy and food supply sources,” added Mezzour.