Washington, June 13: African market is most changing in nature among developing economies. The growing market provides an opportunity for investors as well as challenges. Fluctuating commodity prices, government policy, and unprecedented political events are main challenges in the market. Under the new administration, policy towards Africa is also changing. To discuss the recent topics regarding the issue, the Corporate Council on Africa (CCA) has assembled business and government leaders at its 11th Biennial U.S.-Africa Business Summit in Washington. The summit will start from today.
The council has used the tagline “A Call for Greater Economic Engagement”. There are many small sand landlocked economies in Africa. Many continents are interested in breaking the barrier to the movement of goods and labor across the continent. Cross-border trade interest is growing with regional integration-focused policies, one-stop border posts, regional infrastructure projects and trade-enhancing technologies.
More than 54 African countries have gathered under the platform Continental Free Trade Area (CFTA). The first-day topic is “Navigating the African Market”. This session will discuss laws that are clear and transparent to all, regulations that make smart business sense, and policies that promote trade and support investment processes. "Smart and efficient" policies will be highlighted.
The second session will discuss Africa’s place in a Globalizing Economy. “African policies such as industrialization, the creation of special economic zones, as well as sourcing policies of U.S. buyers and international investor strategies to take advantage of these opportunities” are to be discussed as per Council’s press release.
Regional Integration and the Impact on Trade and Investment – is the topic of the third session. Integration of market and creation of economic zones will be highlighted here.