Yellen says Africa to shape world economy as US reengages

WORLD  27 January 2023 - 16:24

US Treasury Secretary Janet Yellen watched Ford cars and pickup trucks being assembled at a plant in South Africa on January 26 citing it as an example of cooperation between Washington and Africa as she begins the Biden administration’s big push to reengage with a continent that has 1.3 billion people and an abundance of economic potential.

“The United States’ strategy towards Africa is centred around a simple recognition that Africa will shape the future of the global economy,” Yellen said at the Ford plant in the suburb of Silverton in the South African capital, Pretoria, The Associated Press reports.

“We know that a thriving Africa is in the interest of the United States. A thriving Africa means a large market for our goods and services. It means more investment opportunities for our businesses like this Ford plant, which can create jobs in Africa and customers for American businesses.”

The 76-year-old Yellen, smiling widely, got behind the wheel of one of the shining new vehicles at one point, and gripped the steering wheel firmly with both hands.

Yellen is nearing the end of a three-country tour of Africa that began in Senegal on the continent’s west coast and also took in Zambia. Her visit is the start of the Biden administration’s efforts to rebuild ties with Africa in the light of China’s rapidly increasing economic presence on the world’s second-largest continent, and Russia’s military and diplomatic foothold in parts of it.

Caliber.Az