Standard Bank highlights economic development prospects of Agoa
At the African Growth and Opportunity Act (Agoa) Private Sector Forum in Washington DC, in the US, financial services firm Standard Bank Corporate and Investment Banking client coverage head Anne Aliker highlighted the vast potential for mutual partnerships and prospects for economic development of Agoa.
She similarly highlighted the value of international trade and infrastructure investments.
“Agreements such as Agoa have driven growth on both continents, including by providing qualified African countries duty-free access to the US market for many goods. While challenges exist, immense opportunities exist for investors who approach with diligence and adaptability,” she said.
Standard Bank is committed to advancing economic prosperity in Africa through stronger ties with the US, including by leveraging its footprint and its partnerships to connect multinationals and local champions with other markets.
“Agoa approaches its current expiry date of 2025, and this is an important moment to explore what steps the US and African countries can take to deepen relations and lay the foundation for enhanced cooperation and mutual benefit,” Aliker said.
Speakers at the Agoa Private Sector Forum on July 23 included US Secretary of State Antony Blinken, South Africa Trade, Industry and Competition Minister Parks Tau, and African Union Economic Development, Tourism, Trade and Mining commissioner Albert Muchanga, alongside corporate executives and business leaders.
“The public and private sector leaders at the forum are looking to burnish economic investments, especially in sectors such as technology, energy, agriculture and healthcare,” Aliker said.
Additionally, policymakers should consider using Africa's markets and resources to help spur more international business.
“Implementing changes to Agoa that create dependable protocols would be beneficial for all parties, as industries rely on consistency,” she suggested.
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