US-Africa Business Summit 2025 Ushers In New Era of ‘Trade, Not Aid’ Partnership
At the opening plenary of the US-Africa Business Summit 2025 (#UABS2025) in Angola, Senior Official Troy Fitrell at the Bureau of African Affairs, under the US Department of State, stressed that ‘the world has changed’ and the US-Africa must thus move with the times. The Summit took place in Luanda from 22 to 25 June 2025 under the theme “Pathways to Prosperity: A Shared Vision for US-Africa Partnership.’
The Summit took place against a backdrop of tariff-based negotiation technique initiated by newly elected President Trump. Whereas a few years ago, Trump described African countries in less than flattering terms, today he appears to have changed his tune in light of the ‘growing significance’ of Africa.
In her welcome address, Corporate Council of Africa (CCA) President and CEO Florie Liser underscored the ‘boundless opportunities in Africa.’ She exhorted the US private sector to take ties beyond the boardroom which will endure and ensure common prosperity. CCA Chairman John Olajide expresses the hope that the #UABS will contribute to unlock the immense value of the continent, which is home to six of the world’s fastest-growing economies among the Top 10.
Fitrell emphasized that the foreign policy of US toward Africa will now focus on ‘commercial diplomacy’, and shift ‘from aid to trade.’ On the investment side, the US private sector is encouraged to take a closer look at lucrative opportunities in the emerging continent.
As for the newly elected AUC Chair Ali Youssouf called for ‘frank engagement’ and pointed out that the recent travel ban and high tariffs imposed on African countries as being counterproductive to building a new era of AU-US partnership. Moreover, the delay and uncertainty around the reauthoriziation of #AGOA is causing some hesitation from certain investors.
The President and CEO of the Trade and Development Bank (TDB), Admassu Tadesse, centered his address around recurring challenges faced by African countries to access financing on the international market. The current sovereign credit evaluation system is biased against Africa, leading to high costs of capital necessary for the economic upliftment of Africa.
On the other hand, he applauded the support of the World Bank for the Mission 300 (#M300) initiative which aims to to bring electricity access to 300 million Africans by 2030.
“Angola and the DRC’s minerals are essential commodities in today’s global economy and they drive the technology of the future. Today, the DRC’s mining sector is being constrained by unreliable electricity supplies and together with Mitrelli, HYDRO-LINK will help improve output by providing reliable, affordable power.”
Hydro-Link Chairman & CEO Paul Hinks
As part of new deals, the partnership between the US firm Hydro-Link and Swiss company Mitrelli is worth noting. Both sides signed an MoU to the tune of USD 1.5 billion for enhancing critical high-voltage transmission line (TL) along the #LobitoCorridor. The project involves building a 1,150-kilometer transmission line linking Angola to the Democratic Republic of Congo which is scheduled for completion in 2029.
Indeed, the Lobito Corridor featured prominent during the Summit as another flagship project under the new shared vision of US-Africa partnership. Not only will it ease access to #CriticalMinerals, but the Corridor aims to bring up the national economies of countries it traverses by promoting local value addition (LVA) and green development.