The U.S. State Department will host the U.S.-Africa Business Conference at Downtown?s Westin Cincinnati Hotel today and Friday. More than 500 people, including local business executives, are expected attend. The event, which is not open to the public, provides an opportunity to showcase U.S. business expertise to potential African clients and to highlight trade and investment opportunities in Africa to U.S. exporters and investors.
Johnnie Carson, the assistant secretary of state for African affairs, will attend the conference and recently discussed its goals with the Enquirer.
Talk about the business opportunities in Africa. What kinds of companies ? manufacturing, tech, marketing, for example ? have especially good opportunities in Africa and why?
In last week?s African Growth and Opportunity Act Forum address, Secretary of State Hillary Clinton called Africa the ?land of opportunity.? And she?s right. Africa has also been dubbed the ?last economic frontier.? These monikers are for good reason. The region has achieved impressive economic results over the past decade, including strong, sustained economic growth rates, growing private sector engagement, improved investment climates and increased bilateral trade.
I see this growing economic dynamism as potentially mutually beneficial to the U.S. private sector as well as these growing African economies. For Africa, U.S. companies provide access to world-class products, the best practices in management techniques, the latest technology, jobs and investment capital. For American companies, Africa provides a fast-growing consumer market, and forecasts anticipate Africa will have seven of the 10 fastest-growing economies over the next five years.
Frankly, there are opportunities across a range of sectors for U.S. companies interested in tapping into the growing African market. However, the demand is particularly great for improved infrastructure, which is what we are discussing this week.
What are the challenges of doing business in Africa if you?re a U.S. company? What are the benefits?
The greatest impediment is a lack of understanding of the continent and an appreciation for the potential that exists there. There are challenges for private sector investors. Weak and inefficient regulatory regimes, high transport costs, a lack of reliable energy and corruption are some of the reasons why U.S. companies find it difficult to operate in Africa. However, these are problems U.S. and other foreign companies face all over the world.
We recognize challenges exist in Africa, and that is why we are here in Cincinnati, to increase the understanding among American business people about Africa?s potential. U.S. diplomats engage regularly with our African partners on the need to improve their investment climates. We promote fair rules of the road, so that all companies compete in the global marketplace on an equal footing, no one helped or hindered above others by unfair government practices. Sound economic fundamentals ? open markets, transparent governments, fair regulations ? are necessary for vibrant, healthy economies and that is what we are promoting in Africa.
What has changed over the years in terms of business opportunities for U.S. companies?
For the first time in my long career working in Africa, there is a widespread sense of economic and commercial opportunity in the region. It is very encouraging to see the dialogue shift from one exclusively focused on development assistance to a broader discussion of Africa?s trade and investment potential in the global economy.
You recently traveled to Mogadishu and are the first U.S. official to do so in nearly 20 years. Why was the trip important, and what were your impressions?
I am the most senior U.S. official to travel to Mogadishu in nearly two decades. My visit to Mogadishu had three purposes: to acknowledge the progress on political and security issues in Somalia over the last three years, and especially in the last 12 months; to urge Somalia's Transitional Federal Government (TFG) and the other signatories to complete the ?Roadmap to End the Transition? by Aug. 20; and to see for myself the recent progress achieved in Somalia.
I am encouraged to see that security and stability are improving in Mogadishu, though much remains to be accomplished.
What is the goal of this week?s conference? How did Cincinnati get the opportunity to host it?
The U.S.-Africa Business Conference aims to link decision makers from African governments and businesses to potential U.S. private sector partners. Ultimately, we hope that these connections lead to business transactions. The Department of State frequently holds these discussions with our partners from Africa, but by bringing the conference to Cincinnati, we hope to expose the U.S. private sector in the Midwest region to the significant business opportunities emerging in sub-Saharan Africa.
The conference also provides an opportunity for senior African officials and African private sector representatives to learn more about potential trade opportunities in the United States.
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