Mozambique hosts US-Africa Business Summit for the first time

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Mozambique hosts US-Africa Business Summit for the first time

2:33 CAT | 18 Jun 2019

File photo: Lusa

Mozambique today hosts the US-Africa Business Summit for the first time, bringing together at least 10 African presidents and representatives of the US Government and entrepreneurs, the organisers have announced.

“We have confirmed delegations of businesspeople from Zimbabwe, Morocco, Namibia, Botswana, South Africa, Malawi, Nigeria, Egypt, Angola, Tunisia, among other African countries,” a communique from the Confederation of Economic Associations (CTA), Mozambique’s largest employer association, reads.

In addition to the Mozambican head of state, Filipe Nyusi, presidents José Mário Vaz from Guinea-Bissau, Teodoro Obiang Nguema Mbasogo of Equatorial Guinea, Paul Kagame of Rwanda, Hage Geingob of Namibia, Mokgweetsi Masisi of Botswana, Uhuru Kenyata of Kenya, Egdar Lungu of Zambia, King Mswati III of Essuatiní (former Swaziland), and Emerson Mnangagwa of Zimbabwe have confirmed their presence.

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The summit, which takes place on the theme “Promoting a resilient and sustainable partnership between the US and Africa,” begins today with the welcoming and registration of the guests, and will then run until the 21st, bringing together at least 1,000 senior executives from Africa and U.S. companies.

The CTA expects the meeting to work as “a platform for promoting business and investment between the US private sector and Africa,” the statement said.

The summit starts just as the consortium led by US-based Anadarko will announce the Final Investment Decision for gas exploration in Area 1 of the Rovuma Basin in northern Mozambique, one of the largest investments ever in the country, whose planned development is estimated at US$25 billion – double Mozambique’s annual gross domestic product.

The CTA believes the summit will provide a great opportunity to develop partnerships, including “access this oil and gas market, which is very demanding”.

Tourism, energy and agribusiness, particularly regarding access to US markets for Mozambican products, are also among the topics to be addressed.

“The first benefit that Mozambique will see is its global exposure. Imagine at that moment, all the spotlights will be turned on Mozambique and it will not be because of the cyclone, but because this is a land of opportunity,” the CTA enthuses.

According to Bank of Mozambique figures quoted by the CTA, Mozambique’s exports to the United States in 2018 amounted to nearly US$99.3 million (about EUR 88 million) and its imports, US$198 million (about EUR 176 million).

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Source: Lusa