China's growing commercial presence in Africa, and low participation by U.S. companies in the region, present critical challenges to U.S. commercial interests, panelists at a meeting of the Sub-Saharan Africa Advisory Committee (SAAC) of the Export-Import Bank of the United States (Ex-Im Bank) agreed during a public forum at the Bank's headquarters here.
But the panelists also said that U.S.-China-Africa cooperation, to build a framework ensuring Africa uses its resources for economic development, would benefit all trade participants in the region.
They asserted that marketing efforts to teach American companies the benefits of doing business in Africa, and steps to enhance the competitiveness of Ex-Im Bank financing, also would help U.S. interests.
Panelists included moderator James H. Lambright, Ex-Im Bank chairman and president; Witney W. Schneidman, president, Schneidman & Associates International, and director, Africa-China-U.S.
Trilateral Dialogue Study; Daeman Harris, vice president, Middle East and Africa, U.S. Chamber of Commerce; and Anthony Carroll, vice president, Manchester Trade Ltd. Also participating in the discussion were members of Ex-Im Bank's SAAC, U.S. exporters, and African public and private sector representatives.
"It is important that the United States, China and Africa understand each other so that we may work together to ensure that our trade activities benefit exporters, African buyers and our national interests," Lambright said.
He noted that China-Africa trade is growing much faster than U.S.-Africa trade. In 2006, China-Africa trade totaled $56 billion while U.S.-Africa trade totaled $100 billion, of which $80 billion were African sales to the U.S. In five years, total trade between China and Africa is expected to reach $100 billion.
Schneidman said the Africa-China-U.S. trilateral dialogue, in the course of three meetings over the past year-and-a-half, concluded there is no strategic conflict between the U.S. and China: "The fact that the U.S. and China are business competitors is not a negative. It can result in new technologies and skills being brought to Africa, and jobs created there. Africa can benefit from trade with all countries, especially the U.S. and China, to generate revenues to contribute to economic development and stronger institutions."
marketing@alchempro.com
