PANAPRESS
Panafrican News Agency
US: Kerry wants African companies to invest in US
Washington DC, US (PANA) - As the inaugural US-Africa Leaders Summit got under way on
Monday in Washington DC, US Secretary of State John Kerry called on African
companies to invest in the US.
"We want and we will work hard to get more American companies to invest in Africa. We
also want more African companies to invest here in the United States, and there is no
reason that they should not," Kerry said at African Growth and Opportunity Act (AGOA)
Ministerial Forum, held at the World Bank headquarters.
He urged African countries to embrace free-market ideals and spread their investment
tentacles, saying: "The fact is, today, Africa is increasingly a destination for American
investment and tourism, and African institutions are increasingly leading efforts to solve
African problems."
"All of this underscores that dramatic transformation is possible, and it is possible in the
next few years. Prosperity can actually replace poverty, and cooperation can actually
triumph over conflict in Africa.
"So we know that our cooperation, all of us, is essential in order to promote economic
growth that is shared by all Africans. I will say to you fighting corruption is a definitive,
critical part of that process.
"To do so will take courage, and yes, it sometimes means assuming risks. But fighting corruption lifts more than a country's balance sheet," he stated.
Kerry stressed that "transparency and accountability attract greater investment, and
also transparency and accountability create a more competitive marketplace, one where
ideas and products are judged by the market and by their merits, and not by a backroom
deal or a bribe."
In his opinion, the market always works better with transparency, with the sunshine of accountability.
"That is an environment where innovators and entrepreneurs can flourish, and I guarantee
you it is an environment where capital makes a decision to move according to its sense
of security and its sense of risk," he said.
Convinced that Africa can be the marketplace of the future, Kerry noted: "Africa has the
resources. Africa has the capacity. Africa has the know-how and the questions Africa
faces are similar to those confronting countries all over the world: Is there the political
will, the sense of common purpose to address challenges? Are we all prepared together
to make the hard choices that those challenges require?"
On AGOA, he said that the initiative, had been one of the primary tools in pushing forward
greater trade and investment in Africa.
"It is working. We have seen imports from AGOA nations grow by 300 percent. Whether it is cocoa and cashews from Ghana or textiles from Mauritius or petrochemical products from Angola."
Kerry also said that,AGOA has served as a catalyst for greater trade and prosperity
between the US and Africa, and it had helped to promote greater protections for the
African workforce.
"For instance, AGOA has made it possible for Ford Motor Company to export engines
duty-free from South Africa, where Ford has invested over US$300 million so they can
supply engines worldwide.
"And the efficiencies of that operation have allowed Ford to create 800 new jobs at their
Kansas City plant in the US, as part of the global production line. This is how it works,
and this is what Africa’s witnessing now with I think something like 10 of the 15
fastest-growing countries in the world in Africa," the Secretary of State said.
"As President Obama has said, 'Africa is a new centre of global growth', and since 2000,
banking assets have more than doubled. The telecommunications market has doubled
since 2004 alone. And we know that Africa will have a larger workforce than India or
China by 2040.
"So it is time simply to get ahead of the curve, to invest in education above all for the
vast numbers of young people, and the increasing numbers of people who because
of today’s interconnectedness are demanding their part of the future," he suggested.
"So it is time to build a more open exchange of ideas and information. That is part of
the reason President Obama thought of doing the summit, and that will lead to greater
partnership, to build our capacity for innovation, and AGOA is one of the best tools,
and most vital tools for pushing forward the dramatic transformation that we are
seeing today in parts of Africa.
"So this is clearly a moment of opportunity for all Africans. It’s also, I say to you frankly,
a moment of decision. Because it is the decisions that are made or the decisions that
are deferred that will ultimately determine whether Africa mines the continent’s greatest
natural resource of all, and that is not platinum, it's not gold, it's not oil, it’s the talent
and capacity and aspirations of its people."
Kerry explained that the Obama Administration wants to unleash the potential,
both for the benefit of the people of Africa, and to create greater prosperity for the world.
"Also, President Obama is committed to that transformation, and with a seamless
renewal of AGOA, the question is: Will we continue to create shared prosperity and a
better future for both the people of the United States and the people of Africa and all
of the others who benefit as a consequence?
"That is really the bottom line of what we are working to achieve today, and what we
will work towards in anticipation of next year’s AGOA Forum in Gabon, the first ever in
Central Africa, is to achieve this goal," he concluded.
Meanwhile, African countries have said they will use the summit to lobby their
interests in the US, and South Africa had already said its delegation will push for a
15-year extension of AGOA.
AGOA was introduced to encourage US-Africa trade relations, and it currently gives
eligible sub-Saharan Africa countries preferential treatment in their exports to the US,
but the programme that began in 2000 is set to expire next year.
PANA reports that President Obama will on Tuesday address a US-Africa Business
Forum and take part in sessions focused on economic growth, regional security,
and good governance on Wednesday.
During the three-day summit, the US will unveil nearly US$1 billion in business deals,
more funding for peacekeeping operations in Africa, and billions of dollars in new
funding for food and power programmes.
-0- PANA AA/AR 4August2014
Monday in Washington DC, US Secretary of State John Kerry called on African
companies to invest in the US.
"We want and we will work hard to get more American companies to invest in Africa. We
also want more African companies to invest here in the United States, and there is no
reason that they should not," Kerry said at African Growth and Opportunity Act (AGOA)
Ministerial Forum, held at the World Bank headquarters.
He urged African countries to embrace free-market ideals and spread their investment
tentacles, saying: "The fact is, today, Africa is increasingly a destination for American
investment and tourism, and African institutions are increasingly leading efforts to solve
African problems."
"All of this underscores that dramatic transformation is possible, and it is possible in the
next few years. Prosperity can actually replace poverty, and cooperation can actually
triumph over conflict in Africa.
"So we know that our cooperation, all of us, is essential in order to promote economic
growth that is shared by all Africans. I will say to you fighting corruption is a definitive,
critical part of that process.
"To do so will take courage, and yes, it sometimes means assuming risks. But fighting corruption lifts more than a country's balance sheet," he stated.
Kerry stressed that "transparency and accountability attract greater investment, and
also transparency and accountability create a more competitive marketplace, one where
ideas and products are judged by the market and by their merits, and not by a backroom
deal or a bribe."
In his opinion, the market always works better with transparency, with the sunshine of accountability.
"That is an environment where innovators and entrepreneurs can flourish, and I guarantee
you it is an environment where capital makes a decision to move according to its sense
of security and its sense of risk," he said.
Convinced that Africa can be the marketplace of the future, Kerry noted: "Africa has the
resources. Africa has the capacity. Africa has the know-how and the questions Africa
faces are similar to those confronting countries all over the world: Is there the political
will, the sense of common purpose to address challenges? Are we all prepared together
to make the hard choices that those challenges require?"
On AGOA, he said that the initiative, had been one of the primary tools in pushing forward
greater trade and investment in Africa.
"It is working. We have seen imports from AGOA nations grow by 300 percent. Whether it is cocoa and cashews from Ghana or textiles from Mauritius or petrochemical products from Angola."
Kerry also said that,AGOA has served as a catalyst for greater trade and prosperity
between the US and Africa, and it had helped to promote greater protections for the
African workforce.
"For instance, AGOA has made it possible for Ford Motor Company to export engines
duty-free from South Africa, where Ford has invested over US$300 million so they can
supply engines worldwide.
"And the efficiencies of that operation have allowed Ford to create 800 new jobs at their
Kansas City plant in the US, as part of the global production line. This is how it works,
and this is what Africa’s witnessing now with I think something like 10 of the 15
fastest-growing countries in the world in Africa," the Secretary of State said.
"As President Obama has said, 'Africa is a new centre of global growth', and since 2000,
banking assets have more than doubled. The telecommunications market has doubled
since 2004 alone. And we know that Africa will have a larger workforce than India or
China by 2040.
"So it is time simply to get ahead of the curve, to invest in education above all for the
vast numbers of young people, and the increasing numbers of people who because
of today’s interconnectedness are demanding their part of the future," he suggested.
"So it is time to build a more open exchange of ideas and information. That is part of
the reason President Obama thought of doing the summit, and that will lead to greater
partnership, to build our capacity for innovation, and AGOA is one of the best tools,
and most vital tools for pushing forward the dramatic transformation that we are
seeing today in parts of Africa.
"So this is clearly a moment of opportunity for all Africans. It’s also, I say to you frankly,
a moment of decision. Because it is the decisions that are made or the decisions that
are deferred that will ultimately determine whether Africa mines the continent’s greatest
natural resource of all, and that is not platinum, it's not gold, it's not oil, it’s the talent
and capacity and aspirations of its people."
Kerry explained that the Obama Administration wants to unleash the potential,
both for the benefit of the people of Africa, and to create greater prosperity for the world.
"Also, President Obama is committed to that transformation, and with a seamless
renewal of AGOA, the question is: Will we continue to create shared prosperity and a
better future for both the people of the United States and the people of Africa and all
of the others who benefit as a consequence?
"That is really the bottom line of what we are working to achieve today, and what we
will work towards in anticipation of next year’s AGOA Forum in Gabon, the first ever in
Central Africa, is to achieve this goal," he concluded.
Meanwhile, African countries have said they will use the summit to lobby their
interests in the US, and South Africa had already said its delegation will push for a
15-year extension of AGOA.
AGOA was introduced to encourage US-Africa trade relations, and it currently gives
eligible sub-Saharan Africa countries preferential treatment in their exports to the US,
but the programme that began in 2000 is set to expire next year.
PANA reports that President Obama will on Tuesday address a US-Africa Business
Forum and take part in sessions focused on economic growth, regional security,
and good governance on Wednesday.
During the three-day summit, the US will unveil nearly US$1 billion in business deals,
more funding for peacekeeping operations in Africa, and billions of dollars in new
funding for food and power programmes.
-0- PANA AA/AR 4August2014
