China and US trade with Africa. Credit: bloomberg.com
The U.S. Commercial Service, the export promotion arm of the Department of Commerce, doubled its presence in Africa over the past year to boost trade with some of the world’s fastest growing economies.
The agency opened offices in Angola, Ethiopia, Mozambique and Tanzania in the past 12 months and is planning its biggest-ever trade mission to sub-Saharan Africa in September, Donald Nay, a regional senior commercial officer, said in an e-mailed response to questions.
U.S. companies have faced increasing competition from China in Africa over the past decade as the Asian nation targeted the continent for oil and other mineral resources. Chinese trade with Africa amounted to $174 billion in 2013, more than double that of the U.S., which was Africa’s biggest trading partner five years earlier.
“President Obama believes that sub-Saharan Africa can be the world’s next major economic success story that offers enormous opportunities for American companies,” Nay, who is based in Johannesburg, said. “There’s opportunity for many U.S. companies, big and small.”
Read more: U.S. Export Agency Doubles Africa Offices to Help Boost Trade – Bloomberg Business.
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