Corporate Council on Africa Concludes 8th US-Africa Trade Summit In Washington, DC

Washington, DC – October 5-7, 2011

Washington Marriott Wardman Park Hotel / Omni Shoreham Hotel

By Frederick Nnoma-Addison

The leading US non-profit organization working to promote trade between the United States and African countries, The Corporate Council on Africa -CCA- (www.africacncl.org) has concluded an extraordinarily successful US-Africa Trade Summit in Washington, DC. More than 1500 private and public sector leaders from the United States and Africa as well as dozens of American and African diplomats convened for the 8^th Biennial US-Africa Trade Summit to discuss business and investment opportunities on the African continent. Mr. Stephen Hayes, President of the Council together with several business and public officials made a compelling case for US companies to invest in various sectors in Africa.

“It is time for US companies to identify their African partners and maximize the existing business opportunities in Africa for the further development of the African continent and the global economy. Africa is open for business, and has been for several decades now and I hope you will find this summit useful in diverse ways. We at the Corporate Council on Africa will continue to provide through this forum and to our member companies a continuous stream of trade and investment opportunities from across the African continent.”

– Stephen Hayes, President Corporate Council on Africa

The premise for the just ended summit and indeed the establishment of the Corporate Council on Africa in 1993 is that Africa is one of the fastest-growing economic regions in the world, attracting foreign direct investment (FDI) from businesses small to large from around the globe. According to the Harvard Business Review, Africa and Asia were the only continents to grow during the recent economic recession. Africa’s growth rate increased to nearly 5% in 2010 and is likely to reach 5.2% in 2011. If Africa continues to grow at this pace, consumers will buy $1.4 trillion worth of goods and services in 2020-slightly less than India’s projected $1.7 trillion but more than Russia’s $960 billion. Africa offers a higher return on investment than any other emerging market, according to UN data; and is home to a tremendous market of more than 900 million potential consumers. The continent is seeing increasingly higher levels of investment in industries such as infrastructure, natural resources, telecommunications, agribusiness, health, energy and others.

Addressing participants at the Doing Business in Ghana Forum, one of the most popular sessions in view of Ghana’s political stability and business advantages, Mr. Steven Hayes, with a clinched fist continuously stressed the timeliness of exploring investments in one of the world's key emerging markets. US Ambassador to Ghana, Donald G. Teitelbaum and Ghana’s Ambassador to the United States, Daniel Ohene Agyekum jointly supported Mr. Hayes’s position on doing business in Africa especially during the current global economic crisis.

“If people in more economically advanced countries say that Africa is behind in most of her industries then that is the same reason for US companies to consider investing in Africa because the disadvantages we have on the continent is in actual fact an opportunity for innovative and visionary companies and I hope the business leaders at this forum will listen to the speakers and take advantage of what my country has to offer.”- Ambassador Daniel Ohene Agyekum

“Often time’s people refer to me as the popular US Ambassador. Truth is that I am not popular at all. Rather it is the country in which I serve (Ghana) that is popular hence people get to know about me. I have served as US diplomat and Ambassador in a number of countries and I can tell you that for some of those countries all we would have needed for this forum would have been a booth in a restaurant and not a large ballroom in a Washington, DC Hotel. Ghana’s unfolding success story is historic and I encourage you to explore the opportunities available as other US companies have already done.” - Ambassador Donald Teitelbaum

Attendees of the Summit had the opportunity to visit booths of exhibitors, attend plenary session and workshops in various sectors including Energy, Agribusiness, Security, Goods & Services, Franchises, Power and Health. To celebrate some of the new partnerships that were formed through the summit, participants attended a Closing Dinner on Friday night (October 7^th) at the Washington Marriott Wardman Park Hotel. Being a biennial event the next summit is tentatively scheduled for 2013.

About The Corporate Council on Africa

The Corporate Council on Africa is a nonpartisan, non-profit 501 (c) (3) membership organization of nearly 180 U.S. companies dedicated to strengthening the commercial relationship between the U.S. and Africa. CCA members represent nearly 85% of total U.S. private sector investments in Africa. The organization is dedicated to bringing together potential business partners and showcasing business opportunities on the continent.

###