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US, African business leaders meet at 7th biennial business summit

American and African entrepreneurs and investors are meeting at the 7th biennial U.S.-Africa Business Summit in Washington, 29 September to 1 October. Kevin Boyd, director of the Office of Africa at the US Department of Commerce says that bringing government and business figures from America and African nations together facilitates the possibility of deals being put in place. “Conversations which could take months to arrange you can arrange in a couple of hours” he said. Angola shows great potential for more American business involvement, according to Boyd. “Here is a country that prior to the economic and financial crisis … was growing at 15% to 20% a year.” Recently, the two nations signed a Trade and Investment Framework Agreement (TIFA) and there is real potential within the country’s transportation infrastructure, housing and commercial construction sectors. Boyd is also optimistic about Rwanda, Mauritius – and even Liberia. With U.S.-Africa trade constituting only 3% of total US trade, Boyd said, there is “tremendous potential” for growth.

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