Marrakech hosts the USA-Africa Business Summit

Marrakech hosts the USA-Africa Business Summit

The organization in Morocco of the 14th edition of the United States-Africa Business Summit (July 19-22), the work of which started on Wednesday July 23, 2022 in Marrakech, constitutes a consecration of the natural role of the Kingdom as a door access to Africa and a link with its international partners such as Europe, the United States and South America. This was stated at the opening of the summit by the Minister of Foreign Affairs, International Cooperation and Moroccans Living Abroad, Nasser Bourita. Mr. Bourita explained that the holding in Morocco of this conclave carries multiple meanings and reflects the solid attachment of the Kingdom, under the enlightened leadership of HM King Mohammed VI, to its natural belonging to Africa and its concern for support the continent’s stability and economic and sustainable development. And the Minister continued that the organization of this summit in Morocco illustrates the maturity of the Moroccan-American strategic partnership which, thanks to its development at the bilateral level, contributes directly and effectively to security and stability in other geographical areas, particularly in Africa and the Middle East.

The strong presence of more than 1,000 participants at this summit highlights the important and promising prospects of the partnership between Africa and the United States in the field of trade, investment and business. It also underlines the importance of the private sector and development and investment institutions as the main lever of this partnership.

If the holding of this meeting coincides with a period of hope for the disappearance of the Covid-19 pandemic, it also coincides with a phase where the world economy is living at the rate of deep turbulence which has affected production chains and of investment, as well as trade, and caused inflation and worrying economic pressures, which requires, more than ever, the attachment to cooperation as the only means to ensure the security, the fluidity of trade and maintaining investor confidence.

In this difficult context full of challenges and marked by the reconfiguration of the international economy, the role of the African continent, as a reservoir of growth for the world economy and a major ally for its international partners, is highlighted, noted Mr. Bourita, noting that thanks to the wealth of human capital and natural resources of the Continent, and given its future structured and interconnected market, within the framework of the African Continental Free Trade Area (ZLECA), its regional economic groupings and its economic growth rate of 6%, Africa has the potential to enable it to deal with crises and strengthen its sovereignty in strategic sectors, such as health, food security, energy and infrastructure, to ensure the achievement of inclusive growth and fair and equitable development.

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