Joe Biden: 'America Is Betting on Africa'

Joe Biden: 'America Is Betting on Africa'

Vice President Joe Biden expressed optimism about the prospect of a growing economic relationship between the United States and the continent of Africa during his address to the U.S.-Africa Summit Tuesday.

“I see no reason why – and this is not hyperbole – I see no reason why trade and investment between the United States and Africa should not double or triple, or even quadruple, in the decades ahead,” he said, noting there is still work to be done.

The progress, Biden explained, begins with American businesses “showing up.”

“American businesses have to show up, and they are showing up. And they are doing it in greater and greater numbers to compete alongside Indian, Chinese, European companies for African trade and investment,” he said.

Biden went on to say that the United States still has a lot of work to do; however, the United States is “betting” on the continent.

“It’s never, ever been a good bet to bet against America, and America is betting on Africa. The idea, the idea and the reality are just tantalizing. The possibilities are immense. We are betting on each other,” he said. “Africa on America and America on Africa.”

According to Biden, the benefits are mutual.

While he was speaking the White House released the details of a new executive order from President Obama, establishing the President’s Advisory Council on Doing Business in Africa, “in order to promote broad-based economic growth and job creation in the United States and Africa by encouraging U.S. companies to trade with and invest in Africa.”

Obama is scheduled to address the summit later in the day Tuesday.