Friday
April
24
2015
6:55 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 
Obama: U.S. companies to invest $14B in Africa
August 05, 2014, 05:00 AM The Associated Press

WASHINGTON — The Obama administration on Tuesday announced $14 billion in commitments from U.S. businesses to invest in Africa, as representatives from nearly 100 American and African companies gathered in Washington to discuss ways to boost economic partnerships.

During a panel discussion with CEOs, former President Bill Clinton declared that the U.S. has "only barely scratched the surface" of Africa's economic potential.

Indeed, Africa's economy is enjoying rapid advancement. The continent is home to six of the world's fastest-growing economies. And a decade of solid growth has created a middle class with increased spending power — 350 million strong in 2010 by the African Development Bank's count, up from 220 million in 2000.

Other nations, most notably China, have been moving aggressively to tap into growing African markets. China surpassed the U.S. as Africa's largest trading partner in 2009.

"We also realize we have some catching up to do," said Michael Bloomberg, the former New York City mayor and a billionaire businessman. "We are letting Europe and China go faster than the U.S."

President Barack Obama was scheduled to address the business summit Tuesday afternoon. The American companies represented at the day-long meeting include Chevron, Coca-Cola Company, IBM and Mastercard.

Also participating in the forum was Jeff Immelt, the CEO of General Electric. During the panel moderated by Clinton, Immelt appealed to the U.S. Congress to renew the charter for the Export-Import Bank, which helps finance American exports.

Some Republicans want to shutter the bank when Congress returns from recess next month, arguing that the bank's spending is politically motivated and unnecessary. But Immelt said Tuesday that the bank signals to other countries that the U.S. government is interested in investing overseas.

"The fact that we have to sit here and argue for it is just wrong," he said.

The business commitments being announced by the Obama administration Tuesday include a $2 billion investment by GE by 2018, $200 million in investments across Africa by Marriott, and a $66 million commitment by IBM to provide technology services to Ghana's Fidelity Bank.

The business forum is part of a broader U.S.-Africa summit being held in Washington this week. Nearly 50 African heads of state are in Washington for the three-day conference.

Beyond boosting business ties, the summit also focuses on security partnerships and supporting a new generation of African leaders.

 

 

Tags: africa, african, million, business, washington, tuesday,


Other stories from today:

Second American infected with Ebola headed to Atlanta
Afghan attack kills U.S. major general, wounds 15
Israel-Hamas truce sets stage for talks on Gaza
 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
  


 
 
 
Daily Journal Quick Poll
 
Are you on the Warriors' bandwagon?

Yes, all the way
Not yet
A little
Have been for a while
No, don't care
Yes, and annoyed by the new fans

 

 
 
 
 
 
 
 
Stocks rise on tech earnings; Nasdaq adds to record
NEW YORK — Stocks advanced slightly Friday as investors cheered the quarterly results of three lar..
Italian authorities: Terror suspects planned Vatican attack
MILAN — Islamic extremists suspected in a bomb attack in a Pakistani market that killed more than ..
Person killed in fire at East Palo Alto abandoned chemical refinery site
A person was killed this morning in a fire at an abandoned chemical refinery site in East Palo Alto,..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
San Mateo County legal notices