US, Africa Business Summit Discusses 'Building Future Together'

Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)
Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)
TT

US, Africa Business Summit Discusses 'Building Future Together'

Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)
Family photo of the participants in the US-Africa Business Summit in Marrakech (Asharq Al-Awsat)

Moroccan Foreign Minister Nasser Bourita has said that Africa needs active partners who do not exploit short-term opportunities, noting that it is time for the continent to reap the fruits of its potential and play its pivotal natural role in the international arena.

"It is time for Africa to reap the benefits of its countless potential and its dynamic youth, and to play its central and natural role on the international scene and in the major developments taking place at the global level," stressed the Minister on Wednesday at the opening of the 14th session of the US-Africa Business Summit.

Bourita said that the wealth and qualifications of the 54 African countries are a blessing that enriches the continent, adding that the states are responsible for achieving comprehensive growth and sustainable development.

The Minister pointed out that the summit coincides with a period of hope for the disappearance of the Covid-19 pandemic.

The summit also coincides with a phase in which the global economy affected the chains of production, investment, and trade, causing worrying inflation and economic pressures, which requires the commitment to cooperation as the only way to ensure security, fluidity of trade, and preservation of the confidence of investors.

In this complex context full of challenges and marked by the reconfiguration of the international economy, the continent is a reservoir of growth in the global economy and an ally of weight for its international partners, said Bourita.

The Minister recalled that Africa owns 23.5 percent of the world's agricultural land, qualifying it to be among the most critical actors in food security.

The Minister noted that thanks to the continent's rich human capital and natural resources, and given its future structured and interconnected market, within the framework of the African Continental Free Trade Area (AfCFTA), its regional economic groupings and its economic growth rate of six percent, Africa has the potential to cope with crises and strengthen its sovereignty in strategic sectors to ensure the achievement of inclusive growth and fair and equitable development.

Addressing the participants, Bourita indicated that African countries need to work together to build an economy that looks forward to the future and derives its strength from its integration into the global trade system and international value chains.

"A healthy and solid economy prioritizes industrialization, employment, and value creation, to ensure our continent's rightful place on the global economic map," he said.

Bourita stated that this requires two conditions: carrying out necessary economic reforms to create an appropriate business climate while the private sector should play its national role and mobilizing international partners of Africa to accompany the development programs implemented by the countries of the continent.

He proposed establishing a mechanism to track the implementation of the projects resulting from the partnership.

The Minister noted that the vast number of participants in the summit highlights the critical and promising prospects of the partnership between Africa and the US in trade, investment, and business.

It also underscores the importance of the private sector and development and investment institutions as the main lever of this partnership.

He added that the organization of the summit in Morocco illustrates the maturity of the Moroccan-US strategic partnership, which, thanks to its development at the bilateral level, contributes directly and effectively to security and stability in other geographical areas, particularly in Africa and the Middle East.

For her part, US Vice President Kamala Harris said in her statement that the US administration recognizes the critical importance of strengthening its relationship with countries across Africa.

The summit demonstrates Washington’s enduring commitment to its African partners, said Harris, adding that "it will be based on principles of mutual respect and shared interests and values. And a critical part of this summit will be to bolster our economic relationship, which brings me to the importance of this gathering of public and private sector leaders in Marrakech."

"I am pleased to see the advances made in implementing the African Continental Free Trade Area, and we will work with you to ensure its success."

The US is committed to bringing all the tools at its disposal, including development financing, grants, technical assistance, and support for legal and regulatory reforms—all to help its African partners thrive, she said.

In turn, the Executive Director of the Millennium Challenge Corporation (MCC), Alice Albright, reviewed the US and African cooperation prospects.

Albright is leading the US Prosper Africa delegation to the summit, which includes senior government officials and investors.

The President of the African Development Bank, Akinwumi Adesina, spoke very positively about Morocco, noting that it witnessed strong dynamism at the African level and had several resources.

Adesina said Africa is an important gas supplier to Europe with various energy resources and excellent agricultural capabilities, stressing that the continent offers essential investment opportunities.

He asserted the importance of attracting capital in cooperation with US agencies to support African investment.

Themed "Building the Future," the summit is organized under the patronage of King Mohammed VI and in partnership with the "Corporate Council on Africa" (CCA). It brings together a large US government delegation, African ministers, and decision-makers of the largest US multinationals and African business community.

The event is marked by high-level dialogues, plenary sessions, panels, roundtables, and side-events around the continent's priorities in food security, health, agriculture, energy transition, new technologies, infrastructure, and the integration of industrial ecosystems.



IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.


Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.


Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
TT

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.