by The U.S. Chamber of Commerce’s U.S. – Africa Business Center hosted a special forum for their Advance With Africa program in partnership with the President’s Advisory Council on African Diaspora Engagement to foster economic engagement through Diaspora business ties.
Diaspora means the dispersion or spread of a people from their original homeland.
According to the Council on Foreign Relations, by the end of the century, 1 in 3 people in the world will be African, inhabiting a huge consumer market with vast growth potential. According to the United Nations, Africa’s population is set to double by 2050, reaching 2.5 billion people. This will create a massive demand for goods and services, presenting businesses with historic opportunities to build profitable, sustainable enterprises.
This multi-year campaign is targeting cities across the U.S. with a significant African diaspora and minority business communities, existing business linkages with Africa, and high interest from elected officials.
Through roadshows, webinars, community engagement, and social media, the program seeks to develop momentum for U.S. enterprises to conduct business with African partners and highlight regionally relevant African investment opportunities.
The forum was broken into two panels: the first panel, “Advancing with Africa as an Export and Investment Destination”, included Senior Advisor of US Chamber of Commerce Dana Banks, Council member for the President’s Advisory Council on African Diaspora Engagement C.D. Glin, Ambassador of Mozambique to the United States Embassy of Mozambique H.E. Alfredo Fabião Nuvunga, and Director of Public Engagement U.S. Trade and Development Agency Brandon Bradford.
This panel discussion highlighted opportunities businesses, particularly diaspora led businesses, can expect as they seek to forge greater business opportunities.
Glin said it’s about the African ingenuity console, whether it’s agriculture or the agricultural food system.
“It’s really a future where companies such as our global company are literally in the hands of Africans and they’re going to do more with that,” he said. “The company can invest in those individuals and really be a bigger company that is poised for future investment in terms of people and the planet.”
Glin also said it’s about investing in the planet, normally thinking about the future of American businesses mutually interwoven.
Additionally, Glin said there are four themes business owners should focus on to help develop and grow skills: Access to capital, connections,
“In the US, FDA, and other regional leaders, entrepreneurs back home create the network and now you have WhatsApp groups, Facebook groups, and Instagram groups of African young actors to create this connection, because again, it’s all about collaboration,” he said.
Ambassador Nuvunga discussed the future of Africa in terms of Africa being a destination as an investment. He also said to business owners in the audience to not be discouraged by distance because there are direct flights from Atlanta.
“I think the first area to break is the distance because especially today, you have this very fast aircraft,” he said.
Making a Dream a Reality – How Diaspora can build business linkages to African Markets
In the second panel, “Making a Dream a Reality – How Diaspora can build business linkages to African Markets”, included Senior Vice President, Strategic Alliances & Outreach from the U.S. Chamber of Commerce Rick Wade, Founder of Shea Yeleen Rahama Wright, Council member of the President’s Advisory Council on African Diaspora Engagement Almaz Negash, and Chief Regulatory Affairs and Government Relations Officer of Flutterwave Oluwabankole Falade.
This panel focused on how diaspora can help build business linkages between American businesses to African Markets.
Wright also touched on building connections between businesses in the African market.
“The connections aren’t simply business transactions, but it’s about how we build business and sustain them,” she said. “I’m excited and interested to see what’s next. The reasons for this are to give each other immunity and really have changing narratives as we go.”
Negash said in terms of opportunities, it’s about getting people from both sides together and collaborating.
“What I found is when we get people together and collaborate, it will hopefully make building that connection much easier,” she said.
Falade said what’s extremely important is collaboration within the private sector.
“Use 10% to include at the premise of people who want to know about not just being friends and establishing what you find is that usually government, but the private sector comes in and is able to demonstrate the commitment to justice,” he said.
He also said there are many opportunities to get involved in conversations at the African union level on the oppositions around Africa, continental free trade agreements involving conversations around positions surrounding general policy.
For more information, visit https://www.uschamber.com.
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