Vice President Nangolo Mbumba says the discovery of oil and other strategic resources in Namibia have opened up investments and value chains.

Mbumba addressed the Invest in Namibia session on the margins of the US-Africa Summit underway in Tlokweng, Botswana.

The session was convened by the Namibia Investment Promotion and Development Board (NIPDB).

Namibia's investment policies and protection remain key as the country aims to diversify its economic sectors.

The US Biden administration has committed to renewing the African Growth and Opportunity Act (AGOA) as calls for equal trade between Africa and the US deepen.

nbc's Blanche Goreses shares more from the US-Africa summit.

Over the years, Africa has positioned itself to move away from aid and grant dependence to being a business hub and a significant player in the global economy.

The US-Africa summit officially opened in Tlokweng Village, outside Gaborone, with more than 1300 delegates from the public and private sectors from both the US and African countries.

Despite being endowed with strategic natural resources, Africa accounts for only about 2% of the world's Gross Domestic Product (GDP), and this is what the US-Africa summit is seeking to address.

Over the years, Africa has positioned itself to move away from aid and grant dependence and become a business hub and a significant player in the global economy.

However, the continent accounts for only about 2% of the global economy, and this is what the US-Africa Summit is seeking to address.

The US-Africa Summit officially opened in Tlokweng village, outside Gaborone, with more than 1,300 delegates from the public and private sectors from both the US and African countries.