WASHINGTON, (Reuters) – African leaders yesterday called for a deeper economic relationship with the United States, hailing investment pledges totaling more than $17 billion at a Washington summit as a fresh step in the right direction.
U.S. and African companies and the World Bank pledged new investment in construction, energy and information technology projects in Africa at the U.S.-Africa Business Forum, including several joint ventures between U.S. and African partners.
“The United States 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 U.S. 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.
African leaders said they were optimistic of becoming full partners in a relationship worth an estimated $85 billion a year in trade flows, as U.S. business leaders eyed opportunities in the region, home to six of the world’s 10 fastest-growing economies – even if they might be late to the party.
“We gave it to the Europeans first and to the Chinese later, but today it’s wide open for us,” said the chief executive of General Electric Co, Jeff Immelt, who on Monday announced $2 billion to boost infrastructure, worker skills and access to energy.
Tanzanian President Jakaya Kikwete said Africa wanted to move away from a relationship of “aid donor and aid recipient” to one of investment and trade.
Kikwete told the forum that with Obama and senior officials encouraging the business community “to take Africa seriously, I think this time we will make it.”
More than 90 U.S. companies participated in the forum, part of a three-day summit which has brought almost 50 African leaders to the U.S. capital, including Chevron Corp, Citigroup Inc, Ford Motor Co, Lockheed Martin Corp , Marriott International Inc and Morgan Stanley .
Many 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.
