Luanda, Angola — June 23, 2025 — The 17th Corporate Council on Africa (CCA) U.S.-Africa Business Summit officially opened in Luanda, with U.S. Ambassador Troy Fitrell delivering a keynote address highlighting Africa’s remarkable progress and outlining strategic plans for enhanced economic cooperation.
In his remarks, Ambassador Fitrell expressed pride in the economic transformation Africa has experienced over the past 28 years, noting that the continent’s total GDP has increased more than fivefold since 1997. He pointed out that 12 of the world’s 20 fastest-growing economies are in Africa, making the region the second-fastest-growing globally after Asia.
The ambassador spotlighted the rapid expansion of Africa’s digital economy, valued currently at $180 billion, with projections exceeding $700 billion by 2050. Commodities trade also saw significant growth, with Africa importing nearly $435 billion worth of goods in 2024, nearly nine times the figure recorded in 2000.
Ambassador Fitrell emphasized Africa’s rising influence on the global stage, including the African Union’s (AU) securing of a permanent seat at the G20. By 2050, Africa is projected to host 2.5 billion people—approximately a quarter of the world’s population—with a total purchasing power estimated at over $16 trillion.
Acknowledging the change over nearly three decades, the U.S. envoy underscored the need for a shift from traditional aid-based approaches to a modern partnership rooted in trade and investment. Despite the vast opportunities, U.S. exports to Sub-Saharan Africa have remained below 1% of its global trade for years, a stagnation that needs to be addressed.
To accelerate economic engagement, Ambassador Fitrell announced the launch of a new U.S. commercial diplomacy strategy aimed at producing concrete results. The strategy involves six key initiatives, including making commercial diplomacy a priority for U.S. Ambassadors, supporting market reforms across African nations, expanding infrastructure projects, and reforming trade and financing tools to be more agile and competitive.
The ambassador also highlighted efforts to connect American companies with opportunities across Africa, with over 300,000 U.S. export-ready firms now targeted for growth on the continent. He called on American businesses to take calculated risks and urged African governments to foster an investment-friendly environment, noting that U.S. institutional investors managing over $134 billion are eager to participate.
“Innovation, quality, and long-term partnership—these are the values that American companies bring to Africa,” said Fitrell. “Together, we can build a prosperous future for our nations.”
The summit, attended by government officials, business leaders, and representatives from multiple organizations—including World Vision, the Department of Commerce, and the private sector—is set to continue throughout the week, promoting dialogue and cooperation aimed at unlocking Africa’s economic potential.
