U.S.-ARAB CHAMBER OF COMMERCE CO-HOSTS FIRST U.S.-MAURITANIA
BUSINESS FACILITATION FORUM
Three-Day Visit to Mauritania Explores Sub-Saharan Growth Opportunities
Nouakchott, Mauritania -- The National U.S.-Arab Chamber of Commerce (NUSACC), represented by its Director of Business Development, Amin G. Salam, has just wrapped up a three-day commercial development tour of Mauritania. The visit, organized by the U.S. Commercial Service at the U.S. Embassy in Nouakchott, revolved around a trade and investment forum that explored opportunities in Mauritania under the African Growth and Opportunity Act (AGOA).
By all accounts, the "first of its kind" day-long forum -- hosted by the Chamber of Commerce, Industry, and Agriculture of Mauritania -- was highly successful. The conference drew a crowd of over 200 Mauritanian private sector business leaders and high-level government officials, including the Minister of Commerce, Industry, Handicrafts, and Tourism, H.E. Bamba Ould Dermane, and U.S. Ambassador Jo Ellen Powell. The forum highlighted opportunities in such sectors as mining, power generation, medical services, telecommunications, and agricultural and industrial development.
America's Ambassador to the Islamic Republic of Mauritania, Hon. Jo Ellen Powell, helped to open the Forum. In her welcoming remarks, Ambassador Powell noted, "For hundreds of years, Mauritanians have enjoyed a reputation as skilled and respected traders. This proud tradition of trade continues today throughout Mauritania. Although the caravan traders of yesterday would be surprised to see the ships, trains, and planes that link Mauritania to trading partners around the world, they would still understand the basic notion that drives trade among partners."
She went on to say that trade between the United States and Mauritania "has an emerging importance. It establishes business relationships and friendships that will benefit the people of both of our countries. To strengthen trade between us, President Obama signed into law a declaration including Mauritania in the African Growth and Opportunity Act (AGOA) in January of 2010. This program grants preferred trade benefits on the export of a broad range of goods and services to the United States from select African countries. We have already seen the start of stronger economic cooperation between the U.S. and Mauritania."
Ambassador Powell concluded, "It is the American Embassy's distinct pleasure to bring a business development expert from the National U.S.-Arab Chamber of Commerce to speak with you today. I hope that our dialog will help Mauritanian entrepreneurs better connect with opportunities present in the American market, benefit from the advantages presented by AGOA to increase the size and scope of their businesses, and open new avenues of trade and cooperation to strengthen the friendship between the United States and Mauritania."
The Forum's keynote speaker, Amin G. Salam, provided the audience with an analysis of the U.S. business environment, offering suggestions on how Mauritanian businesses may successfully navigate the largest market in the world. Salam also provided a structured analysis on the African Growth and Opportunity Act, explaining how important it is for Mauritania to have such an agreement with the United States. The highlights of Salam's AGOA-focused presentation included trade development, with a special emphasis on building human capacity and technical capabilities, diversifying exports like agriculture and mineral resources, and maintaining country eligibility requirements to ensure continued adherence to economic reforms that will position Mauritania more effectively as a trade and investment destination.
Citing recent research conducted by the National U.S.-Arab Chamber of Commerce, Salam noted that "U.S. exports of goods and services to Mauritania are expected to nearly double during the period 2009 to 2013."
Mauritania's large deposits of iron ore provide 40 percent of the country's total exports. With commodity prices falling around the world, national producer Société Nationale Industrielle et Minière (SNIM) watched its revenues plummet from $321 million in 2008 to $125 million in 2009, despite only a nine percent drop in total tonnage produced (10.2 million tons). The subsequent recovery in iron prices -- from $103 per metric ton in 2009 to nearly $200 in 2010 -- has put SNIM back on track to invest $1 billion in plant and operational expansion during the 2010-2013 period.
The day-long Forum featured two panel discussions led by Mauritania's Ministry of Commerce and Industry, the U.S. Commercial Service office in Nouakchott, and the Mauritanian Union of Women Entrepreneurs and Businesswomen.
Mr. Hamet Ly, Economic and Commercial Assistant for the U.S. Commercial Office in Mauritania, pointed out that the U.S. Embassy in Nouakchott is "helping Mauritanian companies enter the U.S. market and grow their existing operations there by leading trade missions to the United States. Our commercial office recently facilitated the travel of two Mauritanian commercial delegations to trade fairs in the USA organized by the U.S. Commerce Department."
Ly concluded, "In addition to today's Forum designed to assist Mauritanian entrepreneurs in accessing the American market, the office is also working to promote Mauritanian participation in the upcoming energy trade fair, Power-Gen International, which will be held in Las Vegas in December. This commercial trade fair will bring together international buyers, sellers, and manufacturers working in the energy industry, a sector of particular interest in Mauritania."
H.E. Mohamedou Ould Mohamed Mahmoud, President of the Chamber of Commerce, Industry, and Agriculture of Mauritania, noted, "The goal of our Chamber, now, is to better meet the needs of our time and better meet the needs of businesses seeking accurate, complete, and timely resources. This is why we work hard to establish and maintain relationships with sister Chambers such as the National U.S.-Arab Chamber of Commerce, our gateway to the United States, to promote the numerous economic and commercial opportunities that exist in Mauritania."
Ms. Feitimatt mint Sid'Ahmed, President of the Mauritanian Union of Women Entrepreneurs and Businesswomen, noted, "I was very honored to be among the 250 participants from approximately 60 countries invited by the White House to attend the two-day Presidential Summit on Entrepreneurship in the Spring of 2010. The Union looks forward to working closely with the U.S. Embassy in Nouakchott and the National U.S.-Arab Chamber of Commerce on many projects that will strengthen commercial relationships between the United States and Mauritania."
The U.S.-Arab Chamber's three-day mission to Mauritania included visits to major fisheries and dairies in Nouakchott to learn more about their production capacity and compliance with the American import standards. NUSACC's Salam also visited the offices of the National Union of Mauritanian Businessmen, the Mauritanian Union of Women Entrepreneurs and Businesswomen, and the National Youth Center for Business Leaders, where he met with young Mauritanian entrepreneurs to discuss future opportunities for collaboration.
Salam suggested that there will be challenges ahead -- with Mauritania's high unemployment, heavy dependency on agriculture and fishing, and a private sector that is still getting to know global markets -- but he expressed great optimism about the road ahead. He concluded, "We foresee very promising opportunities for American companies -- large, medium, and small -- to establish joint ventures with Mauritanian companies in new sectors, including exploration for mineral resources and oil. The National U.S.-Arab Chamber of Commerce looks forward to continuing its cooperation with the Islamic Republic of Mauritania, the U.S. Department of Commerce, and other U.S. Government agencies to encourage open markets, transparent government procurement procedures, strong independent regulators, and reforms aimed at creating a business environment in Mauritania that is even more conducive to foreign and private investment."
By all accounts, the "first of its kind" day-long forum -- hosted by the Chamber of Commerce, Industry, and Agriculture of Mauritania -- was highly successful. The conference drew a crowd of over 200 Mauritanian private sector business leaders and high-level government officials, including the Minister of Commerce, Industry, Handicrafts, and Tourism, H.E. Bamba Ould Dermane, and U.S. Ambassador Jo Ellen Powell. The forum highlighted opportunities in such sectors as mining, power generation, medical services, telecommunications, and agricultural and industrial development.
America's Ambassador to the Islamic Republic of Mauritania, Hon. Jo Ellen Powell, helped to open the Forum. In her welcoming remarks, Ambassador Powell noted, "For hundreds of years, Mauritanians have enjoyed a reputation as skilled and respected traders. This proud tradition of trade continues today throughout Mauritania. Although the caravan traders of yesterday would be surprised to see the ships, trains, and planes that link Mauritania to trading partners around the world, they would still understand the basic notion that drives trade among partners."
She went on to say that trade between the United States and Mauritania "has an emerging importance. It establishes business relationships and friendships that will benefit the people of both of our countries. To strengthen trade between us, President Obama signed into law a declaration including Mauritania in the African Growth and Opportunity Act (AGOA) in January of 2010. This program grants preferred trade benefits on the export of a broad range of goods and services to the United States from select African countries. We have already seen the start of stronger economic cooperation between the U.S. and Mauritania."
Ambassador Powell concluded, "It is the American Embassy's distinct pleasure to bring a business development expert from the National U.S.-Arab Chamber of Commerce to speak with you today. I hope that our dialog will help Mauritanian entrepreneurs better connect with opportunities present in the American market, benefit from the advantages presented by AGOA to increase the size and scope of their businesses, and open new avenues of trade and cooperation to strengthen the friendship between the United States and Mauritania."
The Forum's keynote speaker, Amin G. Salam, provided the audience with an analysis of the U.S. business environment, offering suggestions on how Mauritanian businesses may successfully navigate the largest market in the world. Salam also provided a structured analysis on the African Growth and Opportunity Act, explaining how important it is for Mauritania to have such an agreement with the United States. The highlights of Salam's AGOA-focused presentation included trade development, with a special emphasis on building human capacity and technical capabilities, diversifying exports like agriculture and mineral resources, and maintaining country eligibility requirements to ensure continued adherence to economic reforms that will position Mauritania more effectively as a trade and investment destination.
Citing recent research conducted by the National U.S.-Arab Chamber of Commerce, Salam noted that "U.S. exports of goods and services to Mauritania are expected to nearly double during the period 2009 to 2013."
Mauritania's large deposits of iron ore provide 40 percent of the country's total exports. With commodity prices falling around the world, national producer Société Nationale Industrielle et Minière (SNIM) watched its revenues plummet from $321 million in 2008 to $125 million in 2009, despite only a nine percent drop in total tonnage produced (10.2 million tons). The subsequent recovery in iron prices -- from $103 per metric ton in 2009 to nearly $200 in 2010 -- has put SNIM back on track to invest $1 billion in plant and operational expansion during the 2010-2013 period.
The day-long Forum featured two panel discussions led by Mauritania's Ministry of Commerce and Industry, the U.S. Commercial Service office in Nouakchott, and the Mauritanian Union of Women Entrepreneurs and Businesswomen.
Mr. Hamet Ly, Economic and Commercial Assistant for the U.S. Commercial Office in Mauritania, pointed out that the U.S. Embassy in Nouakchott is "helping Mauritanian companies enter the U.S. market and grow their existing operations there by leading trade missions to the United States. Our commercial office recently facilitated the travel of two Mauritanian commercial delegations to trade fairs in the USA organized by the U.S. Commerce Department."
Ly concluded, "In addition to today's Forum designed to assist Mauritanian entrepreneurs in accessing the American market, the office is also working to promote Mauritanian participation in the upcoming energy trade fair, Power-Gen International, which will be held in Las Vegas in December. This commercial trade fair will bring together international buyers, sellers, and manufacturers working in the energy industry, a sector of particular interest in Mauritania."
H.E. Mohamedou Ould Mohamed Mahmoud, President of the Chamber of Commerce, Industry, and Agriculture of Mauritania, noted, "The goal of our Chamber, now, is to better meet the needs of our time and better meet the needs of businesses seeking accurate, complete, and timely resources. This is why we work hard to establish and maintain relationships with sister Chambers such as the National U.S.-Arab Chamber of Commerce, our gateway to the United States, to promote the numerous economic and commercial opportunities that exist in Mauritania."
Ms. Feitimatt mint Sid'Ahmed, President of the Mauritanian Union of Women Entrepreneurs and Businesswomen, noted, "I was very honored to be among the 250 participants from approximately 60 countries invited by the White House to attend the two-day Presidential Summit on Entrepreneurship in the Spring of 2010. The Union looks forward to working closely with the U.S. Embassy in Nouakchott and the National U.S.-Arab Chamber of Commerce on many projects that will strengthen commercial relationships between the United States and Mauritania."
The U.S.-Arab Chamber's three-day mission to Mauritania included visits to major fisheries and dairies in Nouakchott to learn more about their production capacity and compliance with the American import standards. NUSACC's Salam also visited the offices of the National Union of Mauritanian Businessmen, the Mauritanian Union of Women Entrepreneurs and Businesswomen, and the National Youth Center for Business Leaders, where he met with young Mauritanian entrepreneurs to discuss future opportunities for collaboration.
Salam suggested that there will be challenges ahead -- with Mauritania's high unemployment, heavy dependency on agriculture and fishing, and a private sector that is still getting to know global markets -- but he expressed great optimism about the road ahead. He concluded, "We foresee very promising opportunities for American companies -- large, medium, and small -- to establish joint ventures with Mauritanian companies in new sectors, including exploration for mineral resources and oil. The National U.S.-Arab Chamber of Commerce looks forward to continuing its cooperation with the Islamic Republic of Mauritania, the U.S. Department of Commerce, and other U.S. Government agencies to encourage open markets, transparent government procurement procedures, strong independent regulators, and reforms aimed at creating a business environment in Mauritania that is even more conducive to foreign and private investment."
