CORPORATE INTELLIGENCE AFRICA ISSUE 0024

Trade Africa is a new partnership to increase internal and regional trade within Africa and expand trade and economic ties between Africa, the United States, and other global markets. Trade Africa will initially focus on the member states of the East African Community (EAC), with the goals of doubling intra-regional trade in the EAC and increasing EAC exports to the United States by 40 per cent. It also will support EAC regional integration and increasing EAC trade competitiveness. The United States will also form public-private partnerships with East African and US industries and trade associations to stimulate trade in goods under AGOA. The United States also hopes to expand its collaboration with other regional economic communities in Africa, including in co-operation with other partner nations. The US Agency for International Development (USAID) currently supports private sector engagement and investment in Africa through three regional trade hubs in Accra, Ghana; Nairobi, Kenya; and Gaborone, Botswana. These trade hubs provide technical assistance to governments, private sector and civil society organisations to enhance their competitiveness in global markets and help African businesses use trade opportunities available under AGOA. The trade hubs also support African businesses and entrepreneurs in writing business plans, raising capital, increasing productivity and improving production processes so that they can meet US and world export standards. In support of AGOA and Trade Africa, USAID will seek to strengthen the trade hubs and build their capacity for effectively supporting trade and investment in Africa. President Obama. Empowering Trade During his recent trip to Africa, President Barack Obama announced “power Africa” and “trade Africa,” two initiatives to support the continent’s economic growth, increase trade and “unleash the power of entrepreneurship and markets to create opportunity here in Africa.” With more than two-thirds of the population of sub-Saharan Africa’s population without electric- ity, lack of accessible and affordable energy is a key constraint to economic growth. The president’s power Africa initiative seeks to double access to power in subSaharan Africa. Power Africa will bring to bear a wide range of US government tools to support investment in Africa’s energy sector, from policy and regulatory best practices, to pre-feasibility support and capacity building, to long-term financing and technical assistance. The initiative will also leverage private sector investments, beginning with more than $9 billion in initial private sector commitments to support the development of more than 8,000 megawatts of new electricity generation in subSaharan Africa. THE CORPORATE INTELLIGENCE AFRICA FOR AUTHORITATIVE AND EXTENSIVE BUSINESS INSIGHTS www.corporateintelligenceafrica.net 51

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