Share

Obama: US seeks long-term Africa partnership

Washington - President Barack Obama on Tuesday pledged to step up US efforts to promote long-term economic growth in Africa, saying the United States aims to be an equal partner interested in the continent's long-term prospects, not just its natural resources.

"The United States is determined to be a partner in Africa's success," the president said. "A good partner, an equal partner, and a partner for the long term."

The United States does not look to Africa as a place merely to get raw materials to fuel its own domestic growth, he said. Obama's comments were an allusion to emerging economic powers, particularly China, who have been more aggressive in investing in Africa.

Obama and US officials have argued that US firms are seeking longer-term business relationships.

"We want to build genuine partnerships that create jobs and opportunity for all our peoples and then unleash the next area of African growth," he said.

Obama was speaking at a three-day summit in Washington that has brought dozens of African heads of state to the US capital to rub shoulders with captains of US industry and allowed leaders to draw attention to Africa's infrastructure, finance, supply chain and energy needs and on business opportunities for US firms.

US and African companies and the World Bank pledged more than $17bn in investments in the continent, which conference organisers sought to portray as an attractive destination for trade and investment.

Even as officials touted job and growth possibilities, concerns over the outbreak of the Ebola virus served as a reminder of challenges that continent continues to face. A US aid worker stricken with the Ebola virus in West Africa was brought to the United States for treatment on Tuesday.

Obama also urged African leaders to create a political environment that would support economic 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.

The president also had some advice for US business executives in the audience: lobby to reauthorise the US Export-Import Bank.

Conservative congressional Republicans oppose renewing the charter of the bank, which makes loans to buyers of US exports. Opponents of the bank say it is engaging in crony capitalism, benefiting large multinational firms such as Boeing, Caterpillag, and General Electric and putting taxpayers at risk of losses if borrowers default on loans.

Supporters argue the bank allows US firms to compete with competitors from Europe, China, and elsewhere that receive ample export subsidies from their home governments. Backers further say that in addition to helping big companies, the bank supports jobs among thousands of smaller employers who supply those firms.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.94
-0.2%
Rand - Euro
20.46
+0.1%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.2%
Platinum
911.00
+1.6%
Palladium
1,008.15
+0.6%
Gold
2,222.33
+1.3%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders