United States Supports Trade & Investment In East Africa
The Ambassador of United States to Ethiopia Patricia M. Haslach joined President Mulatu Teshome at the Origin Africa presents: Africa Sourcing and Fashion Week trade expo to promote East African countries as sourcing and investment destinations for international buyers of apparel, textile, leather, and home decor.
The United States Agency for International Development (USAID)-supported trade expo is a prime opportunity to raise the profile of East African designers and manufactures, and draw investment to the region.
President Obama launched the Trade Africa initiative in 2013 to boost trade and investment with and within East Africa. The initiative boosts trade and investment in East Africa through the USAID-funded East Africa Trade and Investment Hub.
Since its launch in November 2014, the East Africa Trade and Investment Hub has facilitated 170 linkages between buyers and East African firms, yielding $80 million in exports to the U.S. under the African Growth and Opportunity Act (AGOA).
More than $16 million of these exports were from Ethiopia.
Through AGOA, the U.S. Government promotes African trade competitiveness, job growth, and poverty reduction. Under AGOA, nearly 6,400 qualifying items can be exported to the U.S. without import duties.
“The United States Government is proud to support Ethiopia and other African countries as they work to change perceptions about investing in Africa in order to attract the domestic and foreign investment needed to continue driving this growth,” said Ambassador Haslach. “We believe in Africa.”
The East Africa Trade and Investment Hub partners with the private sector and local governments to find practical solutions for trade and investment constraints. It also builds awareness around opportunities for African and U.S. firms to increase trade, expand business partnerships, and invest in East Africa.
This article was published on New Business Ethiopia under Trade section by their stuff writers.
Note: Here, we have re-published it only to share the news of African economic growth.