African leaders on Tuesday called for a deeper economic relationship with the US, hailing investment pledges totalling over $17-billion at a Washington summit as a fresh step in the right direction.
US and African companies and the World Bank pledged new investment in construction, energy and information technology projects in Africa at the US-Africa Business Forum, including several joint ventures between US and African partners.
“The US is determined to be a partner in Africa’s success,” President Barack Obama said in a speech at the forum. “A good partner, an equal partner, and a partner for the long term.”
The US president also urged African officials to create conditions to support foreign investment and growth. “Capital is one thing, development programs and projects are one thing, but rule of law, regulatory reforms, good governance, those things matter even more,” he said.
More than 90 US companies participated in the forum, part of a three-day summit which has brought almost 50 African leaders to the US capital. Many companies already have a foothold in the region, which is expected to have a larger work force than China or India by 2040 and boasts the world’s fastest-growing middle class, supporting demand for consumable goods.
Obama said: “I stand before you as the President of the US and a proud American. I also stand before you as the son of a man from Africa.The blood of Africa runs through our family, and so for us the bonds between our countries, our continents, are deeply personal.”
By: Reuters
For details of the pledges see: http://www.engineeringnews.co.za/article/us-africa-summit-garners-over-17bn-in-investment-pledges-2014-08-06/rep_id:3182
