Obama to announce $14
billion in U.S. corporate investments in Africa
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[August 05, 2014] By
WASHINGTON (Reuters) -
President 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
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, 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
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 Continentís economic ascent is
just beginning," Pritzker said in a statement.
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"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.
(Reporting by Jeff Mason; Additional reporting by Lesley Wroughton;
Editing by Eric Walsh)
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