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Prosper Africa Promises to Double Two-Way Trade Between U.S. and Africa.

Friday, July 19, 2019

(North American Meat Institute)

U.S. Deputy Secretary of Commerce Karen Dunn Kelly and USAID Administrator Mark Green outlined a new plan for growing private sector activity between African countries and the United States. The U.S.'s solution is "Prosper Africa," an initiative unveiled by National Security Advisor John Bolton in December that aims to shift American focus on the continent from aid to industry. "Prosper Africa" is a $50 million program that will offer technical assistance to companies looking to enter or grow in Africa. The Trump Administration hopes to double two-way trade and investment between the U.S. and Africa with this program by helping U.S. companies connect to financial opportunities, guiding them through bureaucratic hurdles and negotiating at least one new bilateral free trade agreement on the continent. In recent years, trade and investment between the U.S. and Africa have been on the decline, so the commitment will require reversing current trends. Between 2013 and 2015, US foreign direct investment (FDI) to Africa dropped from $61 billion to $50 billion. Further information on the program can be found here.

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