U.S.-Africa business summit 2016 Opens in Addis Ababa, Ethiopia

(Press Release) – Organized by the Corporate Council on Africa and co-hosted by the Government of the Federal democratic Republic of Ethiopia and the African Union, the US-Africa Business Summit 2016 opened on Tuesday February 2, 2016 at the United Nations Economic Commission for Africa in Addis Ababa, Ethiopia.

Zain Vergee, President of the Zain Vergee Group, during her welcoming remarks said, “Africa and particularly Ethiopia is a cradle of civilization. We now gather at Addis Ababa, the land of new opportunity in a country of one of the fastest growing economies at a time of global economic turbulence.”

She also noted that Ethiopia is one of the most resilient economies in Africa along with Rwanda and Mauritius. Vergee said, “the best thing to do business in Africa is to be in Africa.”

Opening the Session, Paul Hinks, Chairman of the Corporate Council on Africa noted that this gathering is the tenth Corporate Council on Africa US-Africa Business Summit and that the Summit was held in Africa for a second time. Hinks said, “1200 people have registered for this Summit, more than we have had in Chicago, U.S. two and half years ago”. It is high time that we invest in Africa today”, he added.

Ethiopia’s Prime Minister Hailemariam Desalegn in his key note address said that the summit is being held at a time when U.S. investment flows to Africa and Ethiopia are beginning to show promising trends but added that U.S investment in Africa falls short of expectation compared to its total global investment.

In this regard, the prime minister noted that such a gathering provided a real opportunity to help investors and business communities to discover the potential and the prospects of investment in the African continent. Hailemariam said, “Africa wants mutually beneficial business partnerships,” adding that the U.S.-Africa ties should further be strengthened.

Chairperson of the African union Commission, Nkosazana Dilamini Zuma also noted that Africa has got abundant natural resources and presents endless opportunities for investing and doing business with. Zuma also dealt at length on the the importance of investing on the development of energy in the continent. Hailing Ethiopia as one of the fastest growing economies in the world.

Linda Thomas-Greenfield, U.S. Assistant Secretary of State for African Affairs, said it was a privilege to be in Addis Ababa for the U.S.-Africa Business Summit. She announced that the U.S. Congress recently passed the Electrifying Africa Legislation, noting that poverty is declining, income increasing and middle class growing in the best parts of the African continent.

The U.S.-Africa Business summit will go through until February 04, 2016, with a series of Government to Business and Business to Business sessions.