World
Tracking Success Stories of Africa Leaders Summit in Washington
By Kestér Kenn Klomegâh
Under the chairmanship of U.S. President Joe Biden, the second edition of the U.S.-Africa Leaders Summit held mid-December has practically registered significant successes. The first summit was in 2014 during the presidency of Barack Obama; the administration officials in reports have, however, acknowledged regret for the long gap.
The landmark summit offered the platform for 49 African leaders + the African Union to highlight both new and longstanding challenges and to pitch their collective expectations and aspirations in the emerging new global world.
African leaders are equally looking to voice out conveniently its development directions into the future as external forces are competing for consistent political and economic influence across Africa. The U.S. does not chart routine slogans but offers a better comparative option to African partners.
- Biden administration is closing up the gap. African leaders will return with a cheerful smile and great satisfaction. The White House, during the first day of arrival in Washington, announced a $55-billion commitment to Africa over the next three years across various sectors. The U.S. is sending the best technologies and innovations, attempting to maintain the highest standards in the market and further looking for direct investment in Africa, but argued that it would remain the “partner of choice” in Africa.
It was in consultation with African partners to show a new era of partnership and broad-based commitment to the critical development issues that matter most to Africa. Therefore, the United States is defining its relationship with Africa in African terms.
- In addition, Biden has urged that the African Union, which represents 55 African states, be given a seat in the Group of 20, an influential collection of the strongest economies in the world. South Africa is the only member of the continent. Biden has thrown his backing behind the African Union getting permanent membership in the Group of 20 during the summit, which enhances economic ties in its own right.
Even before the summit officially began, the White House announced Biden’s support for the African Union in becoming a permanent member of the Group of 20 nations and that it had appointed Johnnie Carson, a well-regarded veteran diplomat, to serve as point person for implementing initiatives that come out of the summit.
- The United States’ two-way trade with sub-Saharan Africa was $44.9 billion last year, a 22% increase from 2019, while foreign direct investment into the region fell by 5.3% to $30.3 billion in 2021.
In January 2021, the African Continental Free Trade Area – designed to be the world’s biggest free-trade zone by area when it kicks into full gear in 2030 – already became operational and made headways. The initiative is likely to become a key pillar in facilitating trade between the US and Africa. The bloc has a potential market of 1.3 billion people with a combined gross domestic product of $2.6 trillion.
Wamkele Mene, Secretary-General of AfCFTA, and his counterpart US Trade Representative Katherine Tai are preparing to sign a memorandum to create a platform for ongoing work. “We’ve consistently seen that there are opportunities for the program to be better – there could be much better uptake and utilization of the program,” Katherine Tai said in Washington. Asked about her vision for the evolution of the program, Tai said the United States would like to explore the “middle ground” between the current AGOA system and traditional full free trade agreements and develop new relationships that are focused on “resilience and inclusion.”
It is described as “incredibly supportive” of the continental-integration efforts and promotes trade and economic cooperation between the two regions. It is meant to assist the economies of sub-Saharan Africa and improve economic relations between the United States and Africa. With the next phase in mind, new legislation to facilitate trade offers a basis for widening overall economic ties with Africa.
Chair of the Senate Foreign Relations Subcommittee on Africa, Chris Van Hollen, and Chair of the House Foreign Affairs Subcommittee on Africa, Karen Bass, proposed legislation to increase US assistance to implement the African free-trade area. That requires developing an interagency, long-term strategy on infrastructure development and technical support to promote African continental trade. The African Growth and Opportunity Act, which expires in 2025 and also gives about three dozen African countries duty-free access to the world’s biggest economy for almost 7,000 products.
- Biden has signed an executive order to establish the President’s Advisory Council on African Diaspora Engagement in the United States as Washington seeks to deepen ties with the region. It will advise the president on a range of issues. African-American and African-immigrant communities will coordinate various emerging questions in government, business, social work, sports and other areas. The African Diaspora includes African Americans, descendants of enslaved Africans, and nearly 2 million African immigrants.
According to World Bank Statistics, remittance inflows to Sub-Saharan Africa soared 14.1 per cent to $49 billion in 2021, following an 8.1 per cent decline in the prior year. Beyond remittances, Africa stands to benefit from the input of its diaspora, considered the most progressive in some of the most developed countries in the world.
Ultimately, African leaders have to engage with their diaspora, excelling in sports, academia, business, science, technology, engineering and all those other significant sectors that the continent needs to beef up to optimize its potential and meet development priorities.
“African voices are essential to solving global problems. To elevate these voices, one of our primary focuses is to widen our circle of engagement to include African Diaspora communities,” Dana Banks, Special Assistant to the President and Special Adviser for the U.S.-Africa Leaders Summit, said. “It will advise the President on a wide range of issues, enhance the dialogue between U.S. officials and the African Diaspora, and strengthen cultural, social, political, and economic ties between African communities, the global African Diaspora, and the United States.”
- Deputy Treasury Secretary Wally Adeyemo sounded the alarm about petering private investment in the middle- and low-income countries, particularly in Africa. The infrastructure finance gap, or money needed for essential projects like lighting homes and businesses, responding to the coronavirus pandemic and to making communities resilient against extreme weather, sits at $68 billion to $108 billion per year, Adeyemo said.
At the same time, Adeyemo lamented that huge amounts of private capital among wealthy nations around the globe remain untapped. “There is a clear disconnect between a large amount of available private sector capital and the urgent need to fund critical infrastructure projects in Africa and elsewhere. The question for us is: how do we connect this massive supply of savings with high-quality infrastructure projects in Africa?” Adeyemo said at the U.S. Trade and Development Agency.
Trade between the U.S. and sub-Saharan Africa was $44.9 billion last year, a 22% increase from 2019. But foreign direct investment into the region fell by 5.3% to $30.31 billion in 2021. According to reports, trade between Africa and China last year surged to $254 billion last year, up about 35% as Chinese exports increased on the continent.
Ahead of the symbolic gatherings, Witney Schneidman, Deputy Assistant Secretary of State for African Affairs during the Clinton administration, said focusing on China and Russia would distract from the more important topic of U.S. private sector investment.
The simple fact is that African leaders arriving in the U.S. capital are clamouring for more U.S. business in the region, he said, were a glaring gap has led to the U.S. ceding Africa not just to China but also to the European Union, India, Turkey and other countries that have invested in the region in recent years.
According to reports, the summit was to “really highlight how the United States and African partners are strengthening partnerships and advancing shared priorities and indicate a reflection of the U.S. strategy towards sub-Saharan Africa and the African Union’s Agenda 2063, both of which emphasize the critical importance of the region in meeting this era’s defining challenges.”
The irreversible fact is that the United States is broadening its engagement and partnership, reviewing institutional capacity and strategic approach towards offering a comprehensive relationship based on mutual respect and values, while African leaders are also pushing for advancing efforts at achieving Sustainable Development Goals (SDGs) and the Agenda 2063 of the African Union.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
By Kestér Kenn Klomegâh
Despite the complexities posed by Russia-Ukraine crisis, United States has been taking conscious steps to improve commercial relations with Russia. Unsurprisingly, Russia, on the other hand, is also moving to restore and normalise its diplomacy, negotiating for direct connections of air-routes and passionate permission to return its diplomats back to Washington and New York.
In the latest developments, Kirill Dmitriev, Chief Executive Officer of the Russian Direct Investment Fund (RDIF), has been appointed as Russian President’s Special Envoy to United States. This marked an important milestone towards raising bilateral investment and economic cooperation. Russian President Vladimir Putin tasked him to exclusively promote business dialogue between the two countries, and further to negotiate for the return of U.S. business enterprises. According to authentic reports, United States businesses lost $300+ bn during this Russia-Ukraine crisis, while Russia’s estimated 1,500 diplomats were asked to return to Moscow.
Strategically in late November 2025, the American Chamber of Commerce in Russia (AmCham) has awarded Kirill Dmitriev, praised him for calculated efforts in promoting positive dialogue between the United States and Russia within the framework decreed by President Vladimir Putin. Chief Executive Officer of Russian Direct Investment Fund (RDIF) Kirill Dmitriev is the Special Representative of the Russian President for Economic Cooperation with Foreign Countries. Since his appointment, his primary focus has been on United States.
“Received an American Chamber of Commerce award ‘For leadership in fostering the US-Russia dialogue,’” Dmitriev wrote on his X page, in late November, 2025. According to Dmitriev, more than 150 US companies are currently operating in Russia, with more than 70% of them being present on the Russian market for over 25 years.
In addition, Chamber President Sergey Katyrin and American Chamber of Commerce in Russia (AmCham) President Robert Agee have also been discussing alternatives pathways to raise bilateral business cooperation. Both have held series of meetings throughout this year, indicating the the importance of sustaining relations as previously. Expectedly, the Roscongress Foundation has been offered its platforms during St. Petersburg International Economic (SPIEF) for the American Chamber of Commerce (AmCham).
On December 9, Sergey Katyrin and Robert Agee noted that, despite existing problems and non-economic obstacles, the business communities of Russia and the United States proceed from the necessity of maintaining professional dialogue. Despite the worsening geopolitical conditions, Sergey Katyrin and Robert Agee noted the importance of preserving stable channels of trade and pragmatic prospects for economic cooperation. These will further serve as a stabilizing factor and an instrument for building mutual trust at the level of business circles, industry associations, and the expert community.
The American Chamber of Commerce (AmCham) will be working in the system of the Chamber of Commerce and Industry (CCI) in the Russian Federation, which currently comprises 57,000 legal entities, 130 regional chambers and a combined network of representative offices covering more than 350 points of presence.
According to reports obtained by this article author from the AmCham, promising sectors for Russian-American economic cooperation include healthcare and the medical industry, civil aviation, communications/telecom, natural resource extraction, and energy/energy equipment. The United States and Russia have, more or less, agreed to continue coordinating their work to facilitate the formation of a more favorable environment for Russian and American businesses, reduce risks, and strengthen business ties. Following the American-Russian Dialogue, a joint statement and working documents were adopted.
By Kestér Kenn Klomegâh
The Executive President of the Indian Business Alliance (IBA), Sammy Manoj Kotwani, discusses the landmark moment in deepening Russian-Indian collaboration. Kotwani explains the groundbreaking insights into President Vladimir Putin’s working visit to India, the emerging opportunities and pathways for future cooperation, especially for the two-sided economic collaboration. Follow Sammy Manoj Kotwani’s discussions here:
Interpretation of the latest development in Russian-Indian relations
From my viewpoint in Moscow, this visit has effectively opened a new operational chapter in what has always been described as a “Special and Privileged Strategic Partnership.” It did not just reaffirm political goodwill; it translated that goodwill into a structured economic roadmap through Programme 2030, a clear target to take bilateral trade to around USD 100 billion by 2030, and concrete sectoral priorities: energy, nuclear cooperation, critical minerals, manufacturing, connectivity, fertilizers, and labour mobility.
On the ground, the business community reads this summit as a strong signal that India and Russia are doubling down on strategic autonomy in a multipolar world order. Both sides are trying to de-risk their supply chains and payment systems from over-dependence on any single centre of power. This is visible in the focus on national currencies, alternative payment mechanisms, and efforts to stabilise Rupee–Ruble trade, alongside discussions on a Free Trade Agreement with the Eurasian Economic Union and the reinforcement of corridors like the INSTC and the Chennai–Vladivostok route.
In short, my interpretation is that this summit has moved the relationship from “politically excellent but structurally imbalanced” towards a more diversified, long-term economic framework in which companies are expected to co-produce, co-innovate, and invest, not just trade opportunistically.
Significance of the visit for Indian business in Russia and for the Indian Business Alliance (IBA)
For Indian business operating in the Russian Federation, the visit has three immediate effects: confidence, clarity, and continuity. Confidence, because Indian entrepreneurs now see that despite external pressure, New Delhi and Moscow have explicitly committed to deepening economic engagement—especially in energy, fertilizers, defence co-production, nuclear, and critical minerals—rather than quietly scaling it back.
Clarity, because the summit outcomes spell out where the real opportunities lie:
Energy & Petrochemicals: Long-term crude and LNG supply, but also downstream opportunities in refining, petrochemicals, and logistics, where Indian EPC and service companies can participate.
Pharmaceuticals & Medical Devices: Russia’s import substitution drive makes high-quality Indian generics, formulations, and even localized manufacturing extremely relevant.
IT, Digital & AI: There is growing appetite in Russia for Indian IT services, cybersecurity, and digital solutions that are not dependent on Western tech stacks.
Fertilizers, Agro & Food Processing: New joint ventures in fertilizers and agriculture supply chains were explicitly flagged during and around the summit, which is important for both food security and farm incomes.
Continuity, because the Programme 2030 framework and the expected EAEU FTA give businesses a medium-term policy horizon. Tariff reductions, improved market access and predictable regulation are precisely what Indian SMEs and mid-sized companies need to justify long-term investments in Russia.
For the Indian Business Alliance (IBA), this inevitably means more work and more responsibility. We already see increased incoming requests from Indian firms—from large listed companies to first-time exporters—asking very practical questions: Which Russian region should we enter? How do we navigate compliance under the sanctions environment? Which banks are still handling Rupee–Ruble or third-currency settlements? How can we structure joint ventures to align with Russia’s import substitution goals while protecting IP and governance standards?
IBA’s role, therefore, becomes that of economic diplomacy in action: translating high-level summit language into actual B2B meetings, sectoral delegations, regional partnerships, and deal-making platforms such as the India–Russia Business Dialogue in Moscow. This visit will undoubtedly stimulate and intensify IBA’s work as a bridge between the two ecosystems.
India’s current economic presence in the Russian Federation
If we look beyond the headline trade figures, India’s economic presence in Russia today is significant, but not yet commensurate with its potential. Bilateral trade has grown sharply since 2022, largely on the back of discounted Russian oil and coal, making India one of Russia’s top energy customers. However, the structure is still heavily skewed: Russian exports to India dominate, while Indian exports and investments in Russia remain relatively modest and under-diversified.
On the ground in Moscow and across the regions, we see several strong Indian footholds:
Pharmaceuticals: Indian pharma is well-established, respected for its affordability and quality, and poised to deepen localization in line with Russian import substitution policy.
Tea, Coffee, Spices & Food: Traditional segments with deep historical roots, now expanding into ready-to-eat, wellness, and ethnic food categories.
IT & Services: Still under-represented, but with growing interest as Russian entities look for non-Western software, integration, and outsourcing partners.
Diamonds, Textiles, Apparel, and Light Engineering: Present but fragmented, with enormous room to scale, especially if logistics and payment challenges are addressed.
Where India is still behind is on-the-ground investment and manufacturing presence compared to countries like China. Russian policymakers today are clearly favouring investors who help them achieve technological sovereignty and local value addition. For serious Indian companies willing to commit capital, adapt to Russian standards, and accept the complexities of the current environment, this is a period of unusual opportunity. For purely transactional players looking for quick arbitrage, it is becoming progressively harder.
So, I would characterise India’s economic presence as: strategically important, quickly growing in value, but still under-leveraged in terms of depth, diversification, and localization.
Geopolitical pressure from Washington and future predictions
Pressure from Washington—through sanctions, secondary sanctions risk, financial restrictions, and now even tariff measures linked to India’s energy purchases from Russia—is undoubtedly a real and continuing challenge. It affects everything from shipping insurance and dollar transactions to technology transfers and the risk appetite of global banks. In practical terms, it can complicate even a simple India–Russia trade deal if it touches a sanctioned bank, vessel, or technology.
However, my own assessment, based on 35 years of living and working in Russia, is that this pressure will not fundamentally derail India–Russia friendship, but it will reshape how the relationship functions. India’s foreign policy is anchored in strategic autonomy; it seeks strong ties with the United States and Europe, but not at the cost of abandoning a time-tested partner like Russia. Russia, for its part, sees India as a crucial Asian pole in an emerging multipolar world order and as a long-term market, technology partner, and political counterpart in forums like BRICS, SCO, and the G20.
Looking ahead, I see a few clear trends:
Normalization of alternative payment and logistics systems
We will see more institutionalised use of national currencies, alternative messaging systems, regional banks outside the direct sanctions line, and maybe even digital currencies for specific corridors. Rupee–Ruble trade mechanisms that are today seen as “workarounds” will gradually become part of the normal infrastructure of bilateral commerce.
Shift from pure trade to co-production and joint innovation
To reduce vulnerability to sanctions, both sides will push for manufacturing in India and Russia rather than simple exports: defence co-development, localized pharma and medical devices, high-tech and AI collaborations, and joint ventures in critical minerals and clean energy.
Greater role for regions and business associations
Regional governments in Russia (Far East, Arctic regions, industrial hubs) and Indian states will increasingly drive project-level cooperation, supported by platforms like IBA. This “bottom-up” economic diplomacy will make the relationship more resilient than if it relied only on central governments.
Managed balancing by India
India will continue to deepen technology and investment ties with the West while maintaining energy, defence and strategic cooperation with Russia. The challenge will be to manage U.S. and EU expectations without compromising its core national interests. My prediction is that India will stay firm on this course of balanced engagement, even if it means occasional friction with Washington.
In essence, external pressure may complicate the methods of Indo-Russian cooperation, but it is unlikely to overturn the foundations of trust, mutual interest, and long-term complementarity that have been built over decades.
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