Obama Africa Tours Spurs US Investment Interests


drugs treatment geneva;”>President Barack Obama of United States of America believes that the sub-Saharan Africa is poised to be the world’s next major economic success story.

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This is indicated in the July 8 fact sheet about the ‘Doing Business in Africa Campaign,’ launched in November 2012 in Johannesburg, South Africa.

The fact sheet notes that in June 2012, Obama issued the U.S. Strategy Toward Sub-Saharan Africa, committing the United States to elevate U.S. efforts to spur economic growth, trade and investment on the continent.

“Sub-Saharan Africa is one of the fastest-growing regions on the globe and is home to seven of the 10 fastest-growing markets in the world,” states the fact sheet.

The International Monetary Fund has estimated that economic growth in sub-Saharan Africa will be at 5.6 percent in 2013 and 6.1 percent in 2014.

“U.S. trade to and from Africa has tripled over the past decade,” says the fact sheet.

The Doing Business in Africa Campaign “reflects an unprecedented, whole-of-government approach” to increasing U.S. trade with Africa, the fact sheet said.

Spearheaded by the Department of Commerce, it entails broad collaboration across the U.S. government and with related trade agencies.

The campaign will take “a holistic approach” and employ a number of new trade promotion, financing and communication efforts, the fact sheet said.

These will include expanded trade promotion programs tailored toward Africa, such as trade missions and International Buyer Program events to bring more African buyer delegations to the United States.

There will also be “targeted sector plans” for high-growth industries such as construction, electricity, transportation, information/communication technology, water, consumer goods, agribusiness and agriculture, and health.

“The U.S. financing agencies, including the U.S. Export-Import Bank, the Overseas Private Investment Corporation (OPIC) and the U.S. Trade and Development Agency (USTDA), have dramatically increased their support for investment and activities in Africa in recent years,” notes the fact sheet.

Under the Doing Business in Africa Campaign, these agencies are building upon current efforts, specifically by supporting the U.S.-Africa Clean Energy Development and Finance Center in Johannesburg, South Africa, (launched on March 20, 2013) to provide the U.S. private sector and its sub-Saharan African partners with a centralized means to identify and access U.S. government support for clean-energy export and investment needs.

This campaign is working to address issues such as trade facilitation, infrastructure, corruption and poor communication that are influencing U.S. business perceptions about sub-Saharan Africa.

“It is working with U.S. companies to help them share their stories and lessons learned with other businesses looking for success and guidance in the African market,” states the fact sheet.

The Campaign is coordinating closely with other initiatives to increase Africa’s internal, regional and global trade, and Power Africa, which seeks to double access to power in sub-Saharan Africa.

The fact sheet also reveals that the Campaign is about creating a long-term, sustainable approach to increasing U.S. economic engagement in Africa, in the belief that American products, technology and best practices are essential to sub-Saharan Africa’s progress.


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