The US president has recently made an announcement on new investments and trade partnerships in Africa, with a focus on renewable energy and infrastructure.
When discussing the United States' efforts to improve diplomatic ties and expand trade with African countries, President Joe Biden has emphasised the need of developing mutually beneficial partnerships.
U.S. President Joe Biden spoke at the inaugural trade forum of the US-Africa Leaders Summit on Wednesday in Washington, D.C., and he said the summit's discussions were about "building connections" and a "shared future" for the U.S. and Africa.
'We've recognised for a long time that Africa's development and prosperity is important to guaranteeing a better future for all of us,' Biden said the gathering of political and business leaders.
He emphasized the significance of equal partnerships, saying, "not to create political obligation or develop reliance but to spur shared success."
“When Africa succeeds, the United States succeeds. Quite frankly, the whole world succeeds, as well,” he declared.
The three-day summit in the US capital was a follow-up to the first such gathering eight years ago under President Barack Obama, and it drew delegates from 49 African countries and the African Union.
After four years of the "America First" foreign policy under his predecessor Donald Trump, President Joe Biden is meeting with international leaders to attempt to rebuild ties with the United States.
US National Security Adviser Jake Sullivan told reporters earlier this week that the Biden administration had recently unveiled a number of plans to increase engagement with Africa, including a planned $55bn commitment over the next three years.
On Wednesday, the White House announced over $15 billion in "two-way trade and investment pledges, deals, and partnerships" with Africa, including investments in sustainable energy and infrastructure.
According to the White House, the United States and the African Continental Free Trade Area (AfCFTA) Secretariat have signed a Memorandum of Understanding that will establish a $3.4 trillion market throughout Africa.
During his speech on Wednesday, President Biden said, "Trade runs on reliable infrastructure to support and secure resilient supply chains." He went on to say that strengthening the infrastructure in Africa was crucial to the success of the United States' plan to create a more prosperous international economy.
Some of the businesses he mentioned that had already signed deals at the summit were Cisco Systems and General Electric.
To enjoy the benefits of Africa's large land resources and young population, African authorities have pleaded with American businesses and organisations to invest more there.
Kenyan President William Ruto recently stated, "Instead of exporting commodities, the US should find an opportunity in investing." They are able to make goods for the entire African continent on the continent itself because "they have the machinery, they have the know-how."
Ruto has stated that US capital can help fix the physical infrastructure deficit on the continent in order to unlock growth, citing predictions that Africa's agribusiness sector will more than triple to $1 trillion by 2030.