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)
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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.



Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
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Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.


Bitcoin Falls 8% and Asian Shares Mostly Slip after Wall Street is Hit by Tech Stock Losses

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Falls 8% and Asian Shares Mostly Slip after Wall Street is Hit by Tech Stock Losses

FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Representation of Bitcoin cryptocurrency in this illustration taken September 10, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

US futures and Asian shares traded mostly lower on Friday, tracking Wall Street’s losses as technology stocks again dragged on markets.

Bitcoin sank to roughly half its record price, giving back all it gained since US President Donald Trump won the White House for his second term.

Tokyo’s Nikkei 225 was up 0.8% to 54,253.68, recovering from losses earlier this week, with technology-related stocks leading gains. SoftBank Group rose 2.2% and chipmaker Tokyo Electron rose 2.6%. Japan will also be holding its general election on Sunday, in which Prime Minister Sanae Takaichi expects to win a stronger public mandate for her policies.

Shares of Toyota Motor were up 2%. The carmaker said Friday its CEO Koji Sato will be stepping down in April, and is to be replaced by Chief Financial Officer Kenta Kon, The Associated Press said.

South Korea’s Kospi lost 1.4% to 5,089.14, weighed down by tech shares. Samsung Electronics, the country’s biggest listed company, fell 0.4%. Chipmaker SK Hynix was also down 0.4%.

Hong Kong’s Hang Seng fell 1.4% to 26,519.60. The Shanghai Composite index was down 0.3% to 4,065.58.

In Australia, the S&P/ASX 200 shed 2% to 8,708.80.

Taiwan’s Taiex was mostly flat. India's Sensex traded 0.1% lower.

Against the backdrop of the technology sell-off this week, bitcoin, the world’s largest cryptocurrency, saw dimming enthusiasm and was trading about 8% lower at just under $65,000 early Friday, after it briefly sank over 12% to below $64,000 on Thursday. That’s down from a record of above $124,000 in October.

The future for the S&P 500 was 0.2% lower, while that for the Dow Jones Industrial Average fell 0.1%.

On Thursday, the S&P 500 fell 1.2% to 6,798.40, its sixth loss in the seven days. The Dow Jones Industrial Average fell 1.2% to 48,908.72. The Nasdaq composite dropped 1.6% to 22,540.59.

Technology stocks were among the worst hit as concerns persist over whether massive AI investments by many of the Big Tech firms will pay off.

Chipmaker Qualcomm sank 8.5% despite better-than-expected quarterly revenues. Alphabet lost 0.5% as investors were focused on its huge spendings on AI.

Amazon fell 11% in after hours trading Thursday after it announced plans to boost capital spending by more than 50% to $200 billion in AI and other areas.

American artificial intelligence startup Anthropic ’s new AI tools also fueled the sell-off of software stocks on Wall Street this week, as its sophistication means many traditional software development services and products could be disrupted or replaced.

Gold and silver prices have been volatile this week following a monthslong rally as investors moved into safe haven assets prompted by factors including elevated geopolitical tensions. Gold prices fell 0.6% on Friday to $4,858.60 per ounce, after nearing $5,600 last week.

Silver prices dropped 5.5% to $72.52 per ounce after rising earlier this week. It lost more than 31% last Friday.

In other dealings early Friday, US benchmark crude oil gained 35 cents to $63.64 a barrel. Brent crude, the international standard, rose 36 cents to $67.91 a barrel.

The US dollar fell to 156.74 Japanese yen from 157.03 yen. The euro was trading at $1.1789, up from $1.1777.