Association For Strategic Culture and Research Foundation

The selection of the UAE, Uruguay and Bangladesh as the first three non-founding partners of the NDB indicates the intentions of BRICS – regional expansion with a focus on economic and transportation cooperation. This cooperation, as well as integration, is especially crucial as the world struggles to deal with the COVID-19 pandemic and the economic fallout.

VOA’s Peter Clottey spoke with Akinwumi Adesina, Nigerian economist, to discuss why he thinks the continent is ripe for foreign investment – especially from the United States. This interview has been edited for brevity and clarity.

United States investors are looking forward to exploring several opportunities in the African Continental Free Trade Area (AfCFTA), a policy signed by African countries to make the continent a single market.

Africa is experiencing a flowing tide of solidarity and self-strengthening, and the continent’s influence in international affairs continues to grow. It is now forging ahead with the development of free trade zones, accelerating industrialization and modernization, and heading towards the bright future envisioned in the AU’s Agenda 2063.

Long before this summit, European Union members and business investors have been making consistent efforts at capitalizing on and exploring several emerging opportunities offered by the newly introduced African Continental Free Trade Area (AfCFTA), which provides a unique and valuable access to an integrated African market of 1.3 billion people. In practical reality, it aims at creating a continental market for goods and services, with free movement of business people and investments in Africa.