WASHINGTON, Jan 28 (KUNA) -- The US and African Union (AU) have agreed to establish a Strategic Infrastructure and Investment Working Group (SIWG) to promote economic partnerships that create jobs, prosperity, and economic security both in America and across Africa.
This came in a joint statement of the US and AU on the launch of a Strategic Investment Working Group following a meeting between Deputy Secretary of State Christopher Landau and Afican Union Commission (AUC) Chairperson Mahmoud Youssouf at the AUC in Addis Ababa to reaffirm the importance of the U.S.-Africa relationship through the AU.
Alongside their shared commitment to protecting peace and security on the Continent, they agreed that economic growth forms the foundation of a peaceful and prosperous Africa, according to the statement.
They also agreed that the development of quality, trade-enabling infrastructure is a critical next step in advancing that growth, informed by the African Unionآ’s Agenda 2063 and its flagship priorities, including the Programme for Infrastructure Development in Africa (PIDA) priority corridors, and the African Continental Free Trade Area (AfCFTA).
The SIWG will serve as a platform for senior officials and technical experts across the U.S. government and AUC to identify and advance opportunities for U.S. private sector investment and engagement in AU-backed infrastructure projects and related initiatives that advance the shared strategic priorities of the US and the AU, its member states, and Africaآ’s Regional Economic Communities, enabling trade and logistics infrastructure, as well as continent-wide digital transformation, according to the statement.
These investments will leverage AU convening authority and expertise alongside U.S. capital and innovative financing tools to develop critical minerals and commodities supply chains, transportation corridors, energy networks, and regulatory harmonization, as well as to increase two-way trade, secure digital infrastructure, and improve health security that will make Americans and Africans safer and more prosperous, it said.
As the US and Africa seek durable, profitable investments to drive economic goals in place of foreign assistance, the SIWG will provide a foundation for strategic economic cooperation that will grow and shape the relationship for years to come, it added. (end) rsr.mt