President Cyril Ramaphosa is leading efforts to expand the inclusion of small businesses in the African Growth and Opportunity Act (AGOA). Launched in 2000, AGOA provides duty-free and quota-free access to the lucrative US market for exports from over 30 qualified African nations, contributing significantly to foreign direct investment through the export of nearly 2000 products from the Sub-Saharan region to the United States.
Addressing delegates at the AGOA Business Forum in Johannesburg on Friday, President Ramaphosa emphasized the need for the US legislation to simplify procedures for small businesses. He stated, “We see potential to enhance AGOA with reforms that will increase the range of products and streamline access for small and medium-sized enterprises.” This move is aimed at fostering economic growth, trade expansion, and foreign investments in the region.
President Ramaphosa’s lobbying for the inclusion of small businesses reflects a commitment to bolstering the African economy and ensuring that AGOA’s benefits extend to businesses of all sizes.