Nearly 1,500 U.S. and African heads of state, government representatives, and private sector leaders are meeting in Dallas, Texas on May 6-9 at this year's U.S.-Africa Business Summit. Hosted by the Corporate Council on Africa, the Summit focuses on elevating U.S.-Africa business relations and advocating to shape effective U.S.-Africa trade and investment policies.
It will be the first time the Summit is being held in the United States since 2017, and the first one held outside Washington in the U.S. in 12 years. Dallas is an exceptional venue for the event. It is the most prosperous region in the country and home to many Fortune 500 corporations with global operations, while Texas has the largest African diaspora in the United States.
The Summit provides an extraordinary opportunity for U.S. businesses to network and discover Africa's limitless commercial opportunities, and to capitalize on an underappreciated area of our world. Several African heads of state are already committed to attend the Summit, and high-ranking U.S. trade and diplomatic officials always attend as well.
American perceptions of Africa and of doing business on the continent do not in many ways reflect the realities and opportunities offered by this vast, fast-growing area of the world. Africa's GDP has been growing at an average rate of 3.3% per year, surpassing the global average. The continent is home to six of the 10 fastest-growing economies in the world, offering immense business opportunities.
Africa has a rapidly growing middle class, with consumer spending expected to reach $2.1 trillion by 2025. With the launch of African Continental Free Trade Area Agreement (AfCFTA), Africa now has one of the world's largest free trade markets of 1.3 billion people and $3.4 trillion in combined GDP. Intra-African trade will expand and Africa will also play a greater role in shifting global supply chains.
The U.S.-Africa Business Summit program will focus on the most important sectors contributing to job creation and prosperity for Africans and Americans, including health, energy, infrastructure, agriculture, IT/digital engagement and mining, among others.
As an example, the African Mining Indaba conference was recently held in Cape Town and attracted more attendance than ever, reflecting booming interest in African mining. The U.S. corporate presence was very strong. The Summit will provide another opportunity for engagement by the many companies focused on this critical sector, including auto manufacturers and other industries interested in battery supply chains.
Right in our own backyard U.S. companies with any interest in Africa can meet with business and government representatives from most African countries rather than needing to take dozens of trips to explore potential business. This is an extraordinary opportunity for U.S. businesses to let CCA hold their hand in exploring business and investment opportunities on the continent.
Over the coming decades, cities in Africa are expected to dominate the list of the world's largest population centers. Numerous countries in Africa have young talent with a natural affinity for American culture and rising demand for American products and technologies that will support greater U.S.-Africa trade, investment, and commercial engagement. Africa is being courted by many global partners including China,it's time for more American businesses to do the same.
John Olajid is Chairman of the Corporate Council on Africa. Florie Liser, President and CEO of the Corporate Council on Africa, co-authored this article.
