Washington, DC (Vocus) April 10, 2009
A recent study commissioned by the United States African Chamber of Commerce (USACC) on the Emerging African Market sheds new light on the untapped economic potential of the African immigrant community. With a purchasing power of $50 billion and reports of heavy media consumption, the African immigrant community offers a wealth of opportunity for businesses that consider the needs of African immigrants and offer products and services that cater to the emerging African markets.
Unlike other immigrant groups, the African immigrant community has a relatively recent presence in the U.S. In the 1990s, their numbers dramatically increased with more than 2 Million Africans legally entering the United States. Between 1970 and 2000, the share of foreign-born blacks in the overall black population rose nationwide (to 7.8 percent from 1.3 percent) and in all census regions. As such, African immigrants tend to be less established than other immigrant groups, although an overwhelming majority of recent African immigrants are ever more interested in attaining permanent residency in America.
In order to begin fostering the growth of these dormant multicultural economic markets, the USACC recently entered into partnership with the United States Hispanic Chamber of Commerce. The Hispanic community represents a more established group than new immigrant communities, such as Africans, and their entrepreneurial spirit and success is a guiding light for those immigrant communities struggling down a similar path. The recent bond was forged between the two chambers after a January trip to Washington by USACC President and Founder, Martin Mohammed, who had the opportunity to consult with U.S. Hispanic Chamber of Commerce President, Augustine Martinez, about similar challenges that both immigrant communities are facing. The two Chambers are scheduled to sign a Memorandum next month evidencing their shared commitment to work toward advancement in the areas of education, immigration, and economic development.
The USACC is the leading advocacy organization for U.S. African relations and emerging African markets. The USACC is the umbrella organization for African chambers of commerce and professional trade and business associations throughout the United States and abroad.
U.S. AFRICAN CHAMBER OF COMMERCE
Martin Mohammed, President