Friday, March 29, 2024

Obama to announce $14 billion in U.S. corporate investments in Africa

Share

obama-smile_1107663iPresident Barack Obama will announce on Tuesday that U.S. businesses have committed to investing $14 billion in construction, clean energy, banking, and information technology projects across Africa, a White House official said.

The announcement will occur at the U.S.-Africa Business Forum, part of a three-day Africa summit in Washington meant to showcase U.S. interest in improving trade and investment in the region.

“These investments will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for US businesses, which will support jobs in both the United States and Africa,” the White House official said.

Obama will take part in a discussion with corporate chief executives and government leaders at the event, which will be attended by Commerce Secretary Penny Pritzker, former New York Mayor Michael Bloomberg, and former President Bill Clinton.

The business forum will allow dozens of African heads of state to mingle with U.S. and African executives, the official said. It will focus broadly on investment in finance, infrastructure, energy, agriculture, and consumer goods.

More than 90 U.S. companies are slated to participate including Chevron Corp <CVX.N, Citigroup Inc, Ford Motor Co, General Electric Co, Lockheed Martin Corp, Marriott International Inc, Morgan Stanley and Wal-Mart Stores Inc. Several African companies were also expected to attend.

In a brief preview of Obama’s remarks, the White House did not give specifics on the nature of the business deals or identify which companies were involved.

“These agreements represent conclusive evidence that America is open for more business with Africa as the Continent’s economic ascent is just beginning,” Pritzker said in a statement.

“Each day, 250,000 Americans go to work in jobs supported by exports to Africa and these deals will lead to increased prosperity on both sides of the Atlantic in the months ahead,” she said.

The Obama administration has billed the summit as the first of its kind, but it comes long after Africa gatherings hosted in recent years by China, India, Japan and Europe, suggesting the United States is largely playing a game of catch-up for access to a market in several growing industries.

Source: Reuters

21 COMMENTS

    • Iwe naiwe Ndobo, let Guy Scott distribute that money.
      How can’t wait how much to Zambia, you will hear a $10million.

    • “Obama to announce $14 billion in U.S. corporate investments in Africa”…if really want to invest in Africa also make access to your country (USA) as easier as China/Dubai/Hong Kong so we can be buying things & coming for holidays zere…

  1. HOW MUCH IS COMING TO ZAMBIA IS WHAT WE SHOULD BE INTERESTED IN. NOT THE WHOLE BLOCK FIGURE FOR THE WHOLE OF AFRICA. OTHERWISE LET’S GET BUSY MAKING OUR OWN MONEY.

  2. ”it comes long after Africa gatherings hosted in recent years by China, India, Japan and Europe, suggesting the United States is largely playing a game of catch-up for access to a market in several growing industries”.

    Gentlemen this is pure sharing of African resources, its a pit we cant think and develop on our own as Africans.

    Rubbish

  3. CHINA WHERE ARE U?
    US IS HERE INSULTING AFRICANS WITH A $14billion Change which can even disappear in the Pockets of individuals

  4. Peter and Sharing Africa I concur. And citi, Morgan Stanley? Are they there trying to find a way to find new financial models(subprime loans), for Africa. Bury their bad debt in Africa? We have to keep our eyes open that this is upfront and beneficial for Africa. I for one am happy Wal Mart can bring an improvement in Grocery scene. Shoprite and genetically engineered cornflakes need to have a healthy completion. I would prefer Wholefoods!

  5. As far as obtaining direct foreign investment is concerned, Zambia is more a danger to herself. Our directionless and visionless leaders are a serious liability. For a country to fail to clearly define its investment policy and depend instead, on the whims and hunches of its ignorant leaders, is very much like watching a cross-eyed guy throw a javelin. Investors scamper in all directions, fearing they could end-up being his target.

    Many countries in Africa are receiving more than their share of foreign investment. S. Africa, Morocco, Nigeria, to name but a few, are among those. Zambia can only hope for a trickle, if any. We are a sick country, up-stairs.

    • In his eternal wisdom, God deprived Israel of mineral wealth, and blessed the neighboring nations with an abundance of black gold. Had it been the other way round, the neighboring nations would have accused Him of impartiality. Nonetheless, resource poor Israel is the envy of its neighbors. Brains do make a difference.

      On the same note, Zambians must thank the Eternal One above for his ingenuity in giving us copper, which has attracted so called investors, but are only there to extract Zambia’s resources for free. Otherwise, how else would Zambia been able to attract foreign investors? The senility of our leaders being the hallmark of our legacy!

  6. There we goal. Another strategy of championing homosexuality. The countries that will object to it ( promotion of homosexuality), will be given less investiment or none at all. Africa should fight for its development to end this neocolonialism. We shall always be ruled if we don’t change our mentality. Just days ago the president of Uganda signed for the nullification of the popular anti- gay law. Am sure he foresaw this donation and hence succumbed to the pressure. Shame on Africa.

  7. JAPAN is wealthy becoz they export to USA. So is China, Israel etc. All our copper imported by China finally ends in USA, exported as finished products. We can stand on the sidelines while our resources are enriching others.

    • I concur. It behooves us to realize that big brother is now ready to do business with Africa. Quite a departure from the tradition way of either giving Africa some hand-outs or viewing Africa as a source to get natural resources from. Africa now can afford to stand-up and get counted. Hitherto, Africa lacked the stature to get seen, even while standing on tip-toe, with arms raised-up and shouting “HARAMBE, HARAMBE”!

  8. Just like most U.S imports from Africa,85% of this money will likely go to the same 5-6 countries which dominate US-Africa trade -i.e Nigeria,S,Africa,Egypt,Algeria & Angola .If your country ain’t oil rich or mineralized then forget it,even Kenya ain’t getting it.

    • This has nothing to do with crude oil. It is a misunderstanding of what is on offer and what the U.S. defines as a new partnership in Africa.

  9. African countries are better off without the help of these so called Western countries. SUrely we cannot expect the US to develop Africa. African leaders must not even believe the Obama administration with anything. US is just jealous about the advancement of China in African and they will soon bring confusion and later war to our lands. Remember these are the same chaps that dined and wined with Gaddafi and it was not long before they he was forsaken. The lesson of Saddam Hussein, Hosni Mubarak, Ben Ali and Gaddafi is that friends can be quickly forsaken by their Western allies. Never trust the devil (US)!

    • Way off! These are not the traditional hand-outs from big brother. It is a recognition that Africa now has the capacity to participate in international trade on equal terms. Hitherto, Africa has not been on the map of world commerce. It is high time we smothered the mind-set for hand-outs. This is not ‘help’ per se, that the U.S. is extending to Africa. It is corporate America now weighing-in, against other formidable competitors.

    • This is misinformation you are giving,America is a business country.African countries have to come up with investment business ventures,like in renewable energy,cement plants,technology and machinery assembly plants,now here is the catch,the announced money will be given to US companies to invest in these fields,by setting up these companies in Africa,USA companies have to partner with potential African companies such as Kojokojo tech in Kenya,Dangote of Nigeria,and Gm in RSA.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading