In response to China’s growing dominance in the African continent, the Biden administration is unveiling a new push to expand business relations between the U.S. and African firms.
The administration will focus on digital, healthcare, and physical infrastructure in Africa.
The U.S. industry executives have supported this move of the Biden administration. Still, they say the dollar would not see much growth until the administration slashes the trade measures undertaken by the Trump admin and redesign new policies on investments in LNG.
The senior director for Africa, Dana Banks, at the National Security Council, will commence the US-Africa business summit. Both the nations will pledge to “re-imagine” and revive Africa.
This initiative was unveiled in 2018 under the Trump administration.
The initiative, now continued by the Biden administration, has requested nearly $80m in his budget. He further said, the budget partially will focus on women’s empowerment and equity. The SME businesses will also be focused as a part of the initiative.
This move is also influenced by the growing investments and trade agreements of China and Europe in the continent. The initiative aims to strengthen commercial engagement with African countries.
The U.S. business executives warn the United States is in danger of being overtaken by China and Europe, which are already investing and concluding trade agreements across the continent.
The U.S. plans related to the Liquefied Natural Gas projects are yet not clear. However, Nigeria and many other countries are eager to secure U.S. investments in LNG projects.