Africa seeks GCC-like economic trust at US summit

US President Joe Biden (L) speaks with DR Congo President Felix Tshisekedi at the start of the G20 Summit at the convention center "La Nuvola" in the EUR district of Rome on October 30, 2021. (Photo by LUDOVIC MARIN/POOL/AFP via Getty Images) - Read more:

Since the United States’ last summit of its kind in 2014, US foreign direct investment (FDI) in Africa dropped from $69 billion to $44.81 billion in 2021.

Africa’s leaders will aim at this week’s summit in Washington to galvanize US support for the continent in the form of bilateral trade and investment, as many African countries are turning to their Eastern neighbors, including the Gulf Cooperation Council (GCC) states where relations have been growing in the last few years.

Leading up to the three-day event, President Joe Biden’s administration has played down its concern over the rising influence of foreign players investing strategically as supply chain costs rise amid the Ukraine-Russia war.

Russia was the continent’s largest arms dealer from 2017–2021, accounting for 44% of major arms imports, reported the Stockholm International Peace Research Institute Sipri. LIRE PLUS.