Latest news with #USAfricaBusinessSummit
Zawya
11 hours ago
- Business
- Zawya
African Union Commission (AUC) Chairperson held a bilateral meeting with United States (US) @StateDept Senior Advisor for Africa, H.E. Massad Boulos, & Senior Bureau Official, Hon. @tdf_dc
H.E. @ymahmoudali held a bilateral meeting with US @StateDept Senior Advisor for Africa, H.E. Massad Boulos,&Senior Bureau Official, Hon. @tdf_dc, on the sidelines of the US-Africa Business Summit in Luanda. The Chairperson welcomed renewed US engagement in Africa, particularly in trade, investment,&peace&security. He underscored the importance of fostering a mutually enabling environment, including on trade, investments&market access to promote&advance a more balanced&partnership. Distributed by APO Group on behalf of African Union (AU).
Zawya
14 hours ago
- Business
- Zawya
Egypt committed to strengthening partnerships with African nations
Egypt - Mohamed El-Shimy, Minister of the Public Enterprises Sector, held a series of high-level bilateral meetings on the sidelines of the 17th US-Africa Business Summit, currently taking place in Luanda, Angola, from 22 to 25 June. El-Shimy is participating as Egypt's official representative, accompanied by Nevine El-Husseiny, Egypt's Ambassador to Angola, as part of Cairo's ongoing efforts to deepen economic cooperation with African countries. During his meeting with Esperança da Costa, Vice President of Angola, both sides reaffirmed the strength of historic ties between Egypt and Angola and discussed avenues for expanding cooperation in key priority sectors. The meeting also highlighted the significance of the summit as a forum for dialogue between governments and the private sector, particularly as Angola holds the presidency of the African Union this year and celebrates 50 years of independence. El-Shimy also met with several African ministers and senior officials attending the summit, including Rui de Oliveira, Angola's Minister of Industry and Trade; Isaac Francisco, Minister of Agriculture; Sílvia Paula, Minister of Health; and Armando Manuel, Chairperson of Angola's Sovereign Wealth Fund. Other key meetings included discussions with Julien Paluku, Minister of Trade of the Democratic Republic of the Congo; Karim Zaidan, Morocco's Minister of Investment; and Mohamed Arkab, Algeria's Minister of Energy. The talks focused on boosting cooperation between Egypt and these countries in various fields including investment, joint industrial ventures, and trade exchange—contributing to deeper regional economic integration and advancing sustainable development objectives. El-Shimy stressed that Egypt, under the leadership of President Abdel Fattah El-Sisi, attaches great importance to enhancing partnerships with African nations on the basis of mutual interests and regional unity. He noted that the Ministry of Public Enterprises Sector is working actively to expand collaboration with African counterparts, especially in strategic productive sectors. He added that these engagements align with Egypt's broader strategy to open new markets for Egyptian companies across the continent, facilitate the transfer of industrial and technological expertise, and foster joint ventures with both public and private sector partners in African states. El-Shimy concluded by highlighting the wide-ranging opportunities available for cooperation across multiple sectors and reiterated the importance of the summit as a key platform for direct interaction between government leaders and private sector stakeholders across Africa. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Bloomberg
2 days ago
- Business
- Bloomberg
What Deals to Expect at the US-Africa Business Summit
Horizons Middle East and Africa The US-Africa Business Summit started in Luanda, Angola, on Monday. At the opening of the event, Angolan President Joao Lourenco called on US companies to expand their investments in Africa beyond traditional oil and mineral extraction to industries such as automobiles, shipbuilding, tourism, cement and steel. Bloomberg's Jennifer Zabasajja reports on what deals can be expected. (Source: Bloomberg)
Bloomberg
2 days ago
- Business
- Bloomberg
Angolan President Urges US Firms to Invest Beyond Oil, Minerals
Angolan President Joao Lourenco called on US companies to expand their investments in Africa beyond traditional oil and mineral extraction to industries such as automobiles, shipbuilding, tourism, cement and steel. 'American companies operating in Angola are already benefiting from a favorable business climate,' he said on Monday at the opening of the US-Africa Business Summit in Luanda, the capital. 'Now we want to see broader engagement.'
News24
18-06-2025
- Business
- News24
SA, US to resume trade talks as tariff deadline looms
South Africa will resume trade talks with the Trump administration on the sidelines of the US-Africa Business Summit next week, with less than a month to go before Washington's reciprocal tariffs are set to come into effect. The negotiating teams will aim to thrash out the details of South Africa's proposed framework agreement, which includes ramping up liquid natural gas imports, a joint fund for the exploration of critical minerals and duty-free US quotas for the auto and steel industries. Officials first presented the measures to the Trump administration when President Cyril Ramaphosa visited US President Donald Trump in Washington on May 21. Discussions on the technical details of the accord have taken place and South Africa's team will resume negotiations at the summit, according to people familiar with the talks who asked not to be identified because they're not authorised to speak to the media. The meeting is scheduled to take place in the Angolan capital, Luanda, from June 22-25. The South African trade department did not respond to a request for comment. The US State Department didn't immediately respond to a request sent by email. South Africa is behind countries including India and the UK in negotiating a trade deal with the US, making it unlikely that the parties will reach a deal by the July 9 deadline, when tariffs will triple from the current 10%. Africa's most-industrialised nation is hedging its bets on the US accepting a proposal to maintain the duty at current levels until an agreement is concluded. 'Effectively what we have put forward tries to be a mitigating factor for July 9,' deputy director-general for trade, Xolelwa Mlumbi-Peter, told lawmakers in Cape Town last week. What South Africa has proposed: The establishment of a joint fund for the exploration of critical minerals in South Africa A duty-free quota of 40 000 vehicles per annum for the auto industry and duty-free access for automotive components sourced from South Africa for production in the US A duty-free quota of 385 million kilograms of steel and 132 million kilograms of aluminum annually Increasing imports of LNG from the US to as much as 100 petajoules annually for 10 years, which may generate as much as $12 billion of trade over a decade. Washington's trade complaints against Pretoria span a range of industries from vehicles to citrus and meat, while differences between the two nations extend beyond trade. Trump has spread the false conspiracy theory that white farmers have been subjected to a genocide in South Africa and that the authorities have seized their land. There have been no official land seizures in South Africa since apartheid ended in 1994. The threat of higher US tariffs has also prompted the South African authorities to diversify its export markets, Mlumbi-Peter said last week. 'We have identified 22 critical markets that we need to diversify our exports to,' she said. 'The export branch is working with the private sector to continue our diversification efforts so that we can build a greater resilience so that we are not too vulnerable in one market.'
