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For Immediate Release: August 2, 2010
Contact: Mary Trupo (202) 482-3809
Senior Commerce Department Official Highlights President Obama's National Export Initiative at Africa Growth Opportunity Forum
WASHINGTON – Francisco Sánchez, under secretary of Commerce for International Trade today in remarks identified Africa as a key market for U.S. exports and discussed ways the two countries can increase trade and investment. Sánchez spoke before the Africa Growth and Opportunity Act (AGOA) Forum in Washington, D.C.
“Emerging markets, like those in Africa, are the largest source of untapped opportunities in trade,” Sánchez said. “I believe that the people of Africa will benefit from world class American products and services, as well as our technologies and business practices. This is a win-win opportunity for both of our countries. ”
Sánchez moderated and co-chaired the “Where National Export Initiative (NEI) and Development Converge: Supporting U.S. Trade and Investment in Africa” plenary session at the Forum. The session focused on U.S. government programs that foster mutual economic benefit in the United States and Africa by offering trade financing and other forms of assistance. It was co-chaired by Derek Hanekom, South Africa’s Deputy Minister of Science and Technology.
During the first five months of 2010, U.S. exports to sub-Saharan Africa increased seven percent to $6.4 billion, and U.S. imports increased 78 percent to $26.6 billion. The United States continues to be a leading provider of foreign direct investment to Africa. In 2008, U.S. direct investment in the AGOA region totaled $22.41 billion.
This year’s Forum celebrates the 10th anniversary of the African Growth and Opportunity Act which was enacted May 2000. For more information about the AGOA legislation, please visit www.agoa.gov.
Under Secretary Sanchez’s full remarks are available at www.trade.gov.
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