Biden Says US 'All In On Africa's Future' As Rivalry With Xi Jinping's China Heats Up - Cisco Systems (NASDAQ:CSCO), General Electric (NYSE:GE)


President Joe Biden on Wednesday at the U.S.-Africa Business Forum told his 49 African counterparts that the U.S. is ‘all in’ on Africa’s future. 

What Happened: The U.S. leader announced an agreement aimed at bolstering trade ties between Washington and Africa.

With the agreement, the U.S. is set to position itself as a partner to African countries amid competition with Xi Jinping-led China, which has expanded its influence in the continent by funding infrastructure projects.

President Biden said the new agreement with the African Continental Free Trade Area would give U.S. companies access to 1.3 billion people and a market valued at $3.4 trillion. 

See Also: Visa Earmarks $1B For Africa’s Digital Transformation

He mentioned the companies that had made deals at the summit – including General Electric Co GE, which will provide $80 million to improve healthcare services and Cisco Systems Inc CSCO, which will put $800 million in new contracts to protect African countries from cyber threats.

“When Africa succeeds, the United States succeeds. Quite frankly, the whole world succeeds as well,” Biden said.

In a bid to revitalize America’s listless relationship with Africa, Biden also addressed what he called America’s “original sin,” the enslavement of millions of Africans. 

“Our people lie at the heart of the deep and profound connection that forever binds Africa and the United States together,” he said, reported Reuters.

“We remember the stolen men and women and children [who] were brought to our shores in chains, subjected to unimaginable cruelty.”

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