Luanda: Angolan President Joo Louren§o on Monday emphasized the need for more functional logistics corridors and common rules to facilitate the mobility of capital, goods, and people across the African continent. Speaking at the opening session of the 17th U.S. Business Summit, which is being held in Luanda from September 22 to 25, Louren§o highlighted Africa's potential as a prime investment destination due to significant economic transformations in recent years.
According to Angola Press News Agency, President Louren§o underscored Africa's struggle to secure fair financing and loans from international financial institutions like the World Bank and the International Monetary Fund. These financial resources are crucial for public investments in infrastructure such as roads, railways, ports, energy, water, and communications technologies.
Louren§o stressed the importance of accelerating continental economic integration to unlock the full potential of African nations. Addressing an audience of nearly 2,800 American and African business leaders, he called for strengthening the African continental free trade area, which he sees as a strategic priority for sharing infrastructure, knowledge, and markets while attracting investment.
The summit, organized by the Corporate Council on Africa in partnership with the Angolan Government, is viewed by Louren§o as an opportunity to build an economic paradigm based on strategic partnerships with mutual benefits for Africa and the United States. He highlighted Africa's position as a significant engine of global growth, thanks to its young, innovative population and abundant natural resources.
The Chairperson of the African Union echoed Louren§o's sentiments, recognizing Africa as a fertile ground for investment and growth. The last decade has witnessed profound economic changes in various African regions, supported by structural reforms aimed at increasing transparency, regional integration, and macroeconomic stability.
Louren§o cited Angola and other African nations as examples of this positive trend, noting that Angola's economy grew by 3.5% in the first quarter of this year. This growth reflects the continent's resilience and economic dynamism.
The four-day summit, under the theme "Paths to Prosperity," will address trade, investment, and economic partnerships across sectors such as electricity, infrastructure, agribusiness, digital technologies, and health. The program includes high-level plenary sessions, sectoral dialogues, private roundtables, networking sessions, and an exhibition of technological solutions.
This year's summit marks a significant occasion as Angola celebrates 50 years of national independence on November 11. Since 1997, the Corporate Council on Africa has organized sixteen editions of the U.S.-Africa Business Summit, alternating between the United States and various African countries, including South Africa, Ethiopia, Mozambique, Morocco, and Botswana.
