Siaka Traoré, the Cote d’Ivoir Embassy Commercial Counselor, talks about the growth of the country, as well as its renewed focus in the renewable energy. | DBT PHOTO BY KATIE TABELING
WILMINGTON — Last week, Delaware hosted a delegation of African diplomats and small business owners seeking opportunities to expand business into the U.S. or in Africa through new connections or finding new resources.
Hosted by the World Trade Center Delaware, the all-day event shone a light on the upcoming U.S.-Africa Business Summit in Dallas in May. The day at Wilmington University and Whist Club also gave Delaware and African business leaders a chance to brainstorm other economic opportunities.
Joseph Huggins, the former U.S. Ambassador to Botswana, told attendees during his keynote speech that Africa was one of the last emerging markets and has untapped potential. With 1.3 billion people, the continent has a spending power of $2 trillion.
“When is the best time to invest in Africa? Yesterday. When is the next best time? Right now,” Huggins said at the summit on April 16.
World Trade Center Delaware President Carla Stone said that Delaware companies have barely scratched the surface when it comes to exporting to Africa. The continent has 6 out of 10 fastest growing economies in the world, but it doesn’t rank among the top 25 countries where First State exporters do business.
Côte d’Ivoire, or the Ivory Coast of West Africa, could serve as one prime location to do business. The country has 40% of the West African Economic and Monetary Union’s gross domestic product. Through his translator, Siaka Traoré, the Cote d’Ivoir Embassy Commercial Counselor, stressed a 2% inflation rate, below the rest of Africa, and historic cash crops of coffee, cashews and cocoa.
“We see the U.S. as a big market, and it’s one of our main focuses now. What we want to do is have the economy level by 2030 through developing more relationships with the private sector and more policies with industries,” said Traoré.
One potential market Côte d’Ivoire has been exploring is agro-processing, or processing raw agriculture products to better diversify the market. That could include products from cleaning supplies, fertilizer, natural soap and more. Agriculture alone accounts for 60% of the country’s exports.
Delaware State University Center for Global Africa founder Ezrah Aharone told attendees that his office hopes to serve as an intermediary between local businesses and African countries to boost socio-economic ties. He also pointed out the U.S. has close to 50 million people of African descent within its borders.
“It’s an important distinction of how the U.S. should see itself in working with African nations. And Africa is undergoing a great transformation from the continent that I was first introduced to in the 1980s,” Aharone said.
DSU’s center also includes an African peer review mechanism, or an agency that studies African nations and develops best practices for governance, and provides support to bridge the gaps.
For example, Aharone said that the center’s partnership with renewable energy company Kool-Baker Global Inc. is one success story in aiding businesses in finding a foothold in a new market.
“It’s of great importance to [Kool-Baker] to create new spaces for Blacks, and particularly now, they represent that investment capital in African nations,” he said. “Academics and governance studies are great, but private sector partners are the real drivers of what will ultimately transform and develop it. The three must work together.”