press release
Washington — Acting Secretary of Commerce
Rebecca Blank will travel to South Africa and Kenya next week to advance
key elements of the President's "Strategy Toward Sub-Saharan Africa,"
that will promote economic growth, trade, and investment in the
continent.
As part of her trip, Acting Secretary Blank will officially launch
the "Doing Business in Africa" campaign, an Administration initiative to
help American businesses identify and seize opportunities that will
further the United States' commercial, trade, and investment
relationship with Africa.
"As President Obama has said, Africa is a region of growing
opportunity and promise, and it has the potential to be the world's next
major economic success story," said Acting Secretary Blank. "As part of
our efforts under the National Export Initiative to support U.S.
companies in selling their goods and services to the world, we must do
everything possible to ensure we are promoting trade and investment with
Africa.
The Department of Commerce has an important role to play when
it comes to helping American companies understand the trade and
investment opportunities in Africa that will not only support the
region's economic expansion, but will also create jobs in America."
On June 14, 2012, the President issued the U.S. "Strategy Toward
Sub-Saharan Africa," under which the United States will pursue four
objectives in the region: strengthening democratic institutions;
spurring economic growth, trade and investment; advancing peace and
security; and promoting opportunity and development. As part of spurring
economic growth, trade and investment, the Strategy specifically calls
for the development of a "Doing Business in Africa" campaign.
This
campaign will leverage the federal government's trade promotion,
financing and strategic communications capabilities to help U.S.
businesses identify and seize opportunities in Africa, and to help them
overcome any challenges they face to establishing business relationships
with Africa.
Also part of her trip to South Africa, Dr. Blank will also meet with
and promote a multi-sector trade mission being led by the Department of
Commerce's Under Secretary for International Trade, Francisco Sanchez. A
delegation comprised of representatives from 15 U.S. firms will join
Sanchez on stops in Lusaka, Zambia; and Johannesburg and Cape Town,
South Africa.
In Kenya, Acting Secretary Blank will meet with heads of state and
senior trade officials of the East African Community, a regional
intergovernmental organization that includes Kenya, Tanzania, Uganda,
Rwanda, and Burundi.
The United States has prioritized the promotion of
regional economic integration in Sub-Saharan Africa, and it recognizes
that the EAC in particular as a strategic market for trade and
investment with significant long-term growth potential.
For that reason,
the United States is pursuing a Trade and Investment Partnership
initiative with the EAC under the President's Strategy, which will build
on the foundations of our already-existing trade and investment
relationship with the EAC. Acting Secretary Blank will promote many of
the Partnership initiatives on her trip, including the launch of a new
EAC-U.S. Commercial Dialogue.
Sub-Saharan Africa presents enormous opportunities to the American
private sector. According to the World Bank, its GDP totaled
approximately $1.25 trillion in 2011, and six of the 10 fastest growing
economies in the world are in Sub-Saharan Africa. U.S. total merchandise
exports to Sub-Saharan Africa tripled between 2001 and 2011.
In 2011, U.S. exports to Sub-Saharan Africa totaled $21.3 billion,
while imports were $74.3 billion, an increase from $17.1 billion and $65
billion in 2010, respectively. Total trade between the U.S. and
Sub-Saharan Africa increased by 16 percent between 2010 and 2011, and in
the first half of 2012, U.S. goods exports to Sub-Saharan Africa are up
4.6 percent over the same period in 2011. The President's "Strategy
Toward Sub-Saharan Africa" seeks to build on this success.
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