The President and U.S. Chamber Agree: Africa Is Open For Business

President Obama has recently renewed the administration?s interest in Africa?s economic state-craft and necessary infrastructure development, a point which he drove home during an official visit to Senegal, South Africa, and Tanzania. While in Africa, Obama commented that ?[he sees] Africa as the next major economic success story.?

Luckily, the business community thinks so too, and is already writing the first chapters of that story. U.S. private sector engagement with Africa has tripled in value over the past decade.

Here?s why:

• Sub-Saharan Africa is home to 7 of the top 10 most rapidly expanding markets.
• African economic growth rates have been 5-6% per year since 2000.
• The continent?s trade value with the U.S. has tripled to $23 billion over the past decade supporting over 100, 000 U.S. jobs.
• As the second most populated continent, Africa?s middle class has nearly tripled since 1980 to 350 million consumers.

In fact, the opportunities in trade are so great that President Obama recently announced two major initiatives: Power Africa, which will bring African nations more than 10,000 megawatts of cleaner, more efficient electricity generation capacity; and Trade Africa, an initiative focusing on the East African Community, increasing trade and economic ties between Africa as well, the United States, and other global markets.

We have witnessed the benefits that U.S. companies bring into Africa as well as the positive effects of increased trade. Companies such as Black & Veatch, General Electric, EMD, and ExxonMobil have undertaken major infrastructure development within the continent, investing in the future of its democratic institutions, youth, and the overall relationship between the U.S. and Africa.

What was once an aid-driven strategy by the public sector has now turned into a private sector campaign accounting for 80% of the resources flowing into Africa. Private-sector partners have not only matched the Power Africa fund of $7 billion in infrastructure development but have pledged a commitment to develop more than $9 billion in energy capacity for sub-Saharan Africa.?

There are other chapters ready to be written in the Africa success story, which is why the U.S. Chamber?s Africa Business Initiative recently hosted the ?Doing Business in Africa,? forum. The event provided private sector representatives a platform to tell stories of American investment on the continent that is not heard often enough. Such success stories included:

• General Electric?s investment of over $1 billion in industries of power, oil, gas, transportation, aviation, and health care. Through such infrastructure development, General Electric has branded its image across Africa as a monumental partnering organization.
• Procter & Gamble has agreed to investment about $170 million to build a multi-category manufacturing plant in South Africa.? The new plant will be one of the largest P&G facilities in Europe, the Middle East, and Africa, and will bring over 500 U.S. and African jobs through increased exports throughout the region.
• Black & Veatch has been contracted to supervise Project Bravo, a 4,800-MW supercritical coal-fired generation facility 120 miles east of Johannesburg.? The facility will be one of the largest of its kind bringing an efficient and reliable energy supply to millions of Africans.
• Electro-Motive Diesel has over 1,200 active locomotives in sub-Saharan Africa. EMD recently created a joint venture, Electro-Motive Diesel Africa, providing services and solutions to rail customers in South African and neighboring countries.
• Exxon Mobil is one of the largest foreign investors in Africa. Over the last five years, it has committed more than $24 billion to energy exploration and development with major operations in Nigeria, Angola, Chad, Cameroon, and South Africa.

With the administration pledging to support the American private sector, it is time for companies to act on the opportunities on the African continent. The renewed partnership between the public and private sector will continue to create policies promoting trade and securing investment for both regions. Expanding our economic ties with Africa will not only bring the necessary infrastructure development to African countries but will also enhance the American economy through job creation and export growth.

Source: http://www.freeenterprise.com/international/president-and-us-chamber-agree-africa-open-business

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