The United States is determined to expand my country’s investment market

Economic opportunities in Africa have prompted the United States to strengthen its presence on the continent. Mauritius welcomes the summit for the third time, following the first in Namibia and the second in Zambia. The delegation, composed of 37 representatives from 11 companies, 5 government agencies and representatives of the South African and Kenyan Chambers of Commerce, hopes to better understand the Mauritian market and establish important partnerships in the fields of pharmaceuticals, health, services, ICT and renewable energy.

“This is our largest event to date and demonstrates the willingness and interest of U.S. and African businesses and stakeholders to strengthen relationships, seize business and investment opportunities, and ultimately achieve economic growth for the benefit of all. As the U.S. Government, we hope to translate the conversations we are having into tangible, mutual business opportunities. By continuing to support each other, we remain committed to increasing U.S.-Africa trade and investment as one of our highest priorities.”Cynthia Griffin, U.S. Minister Counselor for Sub-Saharan Business, explained at the opening ceremony of the first day of the summit at the InterContinental Hotel on Wednesday. She believes “The U.S. government observes Africa’s strong growth and recognizes its important role in global trade” and is keen on “Strengthening strong relationships with countries like Mauritius, one of the most open and business-friendly countries in Africa, and a unique gateway to African and Asian markets”.

Entering the African market

As business opportunities in the African market played a crucial role in the United States’ decision to strengthen its economic influence in the continent, it has established offices in South Africa, Angola, Ghana, Nigeria, Mozambique, Tanzania, Ethiopia, Kenya, Algeria, Morocco and Egypt, and most recently in Cote d’Ivoire and Zambia. In the long term, it is planned to increase offices to meet the growing market demand. “We also work with 25 other U.S. embassies in sub-Saharan Africa, including Mauritius, to provide standardized export advice, trade intelligence, advocacy and many other export-related services.”designated Cynthia Griffin. She added that the U.S. government has increased its support to strengthen ties between U.S. companies and their African partners. This means supporting U.S. investment in Africa, both new and existing, and expanding access to financing for U.S. products and services across the continent.

Finance Minister Renganaden Padayachy, who was present at the event, confirmed that renewable energy is a sector “Work in progress” The project will be developed locally, thanks to local and foreign technology and investments. Mauritius aims to achieve self-sufficiency in energy production and reduce its dependence on imports for its energy needs. “Our industry’s development strategy is aimed at reducing energy bills and reducing their impact on the balance of payments. The impact will be huge and this is our focus. We have already received support from the United States and Europe.”

He added that this industry will become one of the pillars in the coming years. ‘Huge’ This exchange is essential for the development of Mauritius. The Mauritian economy is expected to grow by 6% and he remains confident that this target will be achieved. He said that car sales are an indicator of economic dynamics. In addition, despite the existing trade between the United States and Mauritius, he believes that efforts must be made to stimulate our exports to the United States. “Some entrepreneurs don’t have that appetite, while others do”he lamented. However, he added that steps to renew the AGOA agreement were underway.

Investment: $147.8 million by 2023

Data from the Mauritian Minister of Finance shows that foreign direct investment from the United States reached $147.8 million in 2023, which shows the confidence of American investors in the Mauritian economy. In 2023, Mauritius exported products worth $168.3 million to the United States, while imports from the country totaled $112.8 million. A total of 288 different products were exported to the United States that year; textiles were the main export product, followed by food, seafood, jewelry and medical devices. In addition, Mauritius imported liquefied butane, which accounted for 22% of total imports from the United States.

Foreign Minister Manish Gobind stated: “Mauritius is the best destination for doing business on the African continent”Despite its small size, Mauritius constitutes a huge investment platform. “US interest in Africa is growing”He said he encouraged US investors to report any improvements needed to facilitate their investments in Mauritius, particularly amending the regulatory framework if necessary.

For US Ambassador to Mauritius Henry Jardine, the event, held 20 years later, marks an important turning point. “The US government sees great potential in Mauritius”he said, adding that Mauritius offers all the necessary conditions to promote the development of successful businesses. According to him, more than 100 American companies and brands have invested or have local offices in Mauritius. He added that these companies are leaders in various sectors such as financial services, telecommunications, information technology, logistics, food processing, fisheries, clothing, education and consumer goods.

The event, which concluded yesterday, was funded by the US Departments of State and Commerce, with support from the Economic Development Board, the American Chamber of Commerce in Mauritius, and sponsors including Charles River Laboratories, Abbott Laboratories, Citi and Fortinet.