Minister of Foreign Affairs, Nasser Bourita called for the mobilization of Africa’s international partners to support the development programs implemented in the continent in his opening speech during the 14 edition of the United States Africa business summit in Marrakech.
The summit coincides with a particularly crucial phase of the world economy. The COVID-19 pandemic had affected production chains, investment, and trade, which caused inflation. Besides the pandemic, the international economy faces many challenges leading to its reconfiguration.
Africa’s role, as a major ally for its international partners, is to carry out the economic reforms that are necessary to create an appropriate business climate, then ensure the achievement of inclusive growth and fair and equitable development.
Bourita took this opportunity to highlight the importance of the private sector, and development and investment institutions in the partnership between Africa and the United States in the field of trade, investment, and business.
“Morocco, under the enlightening leadership of King Mohammed VI, is proud of belonging to its continent – Africa – and believes in its future”, affirmed the minister, during the event that saw the presence of over 1000 participants.
The minister underlined the particular importance of financing small and very small businesses, suggesting the establishment of a mechanism to monitor the implementation of projects resulting from the US Africa partnership.
He also called for the implementation of approaches that guarantee efficiency and effectiveness in the projects, to obtain tangible results and achieve significant development.
“This shall contribute to strengthening the economic relations between the United States and African countries,” he said.
US vice president Kamala Harris attests that she and President Biden both recognize the importance of the African continent, to which Washington’s summit will be dedicated, in a recorded speech broadcast at the opening of today’s summit.
She mentioned her country’s $700 billion investment in the African continent to promote growth and sustainable development, and to support entrepreneurship innovation.
“Africa has the qualifications for growth, demand, and young energies, which are sufficient elements for the advancement of its economic situation,” said Harris.
Bourita concluded his speech by saying that he is convinced that African American relations have all the prospects and potentialities to enable them to make a qualitative contribution to the development of the African Continent.
He hopes that this meeting will form a major turning point in the process of African-American partnership in the field of business, trade, and investment.
The summit is followed by US President Joe Biden’s announcement on the same day, stating that the United States will bring together African leaders for a major summit this December in Washington to discuss various pressing challenges from food security in the continent to climate change.
US investments in Africa have peaked significantly in 2014, with Morocco being the only country on a free trade agreement with the US. The summit’s organization in Morocco is a consecration of morocco’s role as a portal to Africa.
According to Reuters, Biden says that the summit will work on heading toward a new economic engagement. It will also promote democracy, and human rights, advance peace, and security, then address pressing challenges such as food security and climate change as well as the pandemic.
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