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Calls for increased US investment in Africa

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Old 09-23-2013, 01:55 PM   #1
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Africa Calls for increased US investment in Africa

Pretoria – African Union Commission chair, Dr Nkosazana Dlamini Zuma, has called on the West to increase its investment in Africa to boost development.

Dlamini Zuma, who is currently in high-level meetings with the US Congress and Senate, has called on the West to spread out its support to Africa through efforts ranging from peace and security, promotion of opportunities for trade and investment, and sustainable development, and called on the United States (US) to agree on a framework agreement that will hopefully lead to a memorandum of understanding being signed between the two.

Dlamini Zuma’s call is anchored on the returns that have stemmed from the country’s partnership with sub-Saharan Africa – called the Africa Growth and Opportunity Act (AGOA) – which was signed into law by then US President Bill Clinton on May 18, 2000, for a period of eight years.

Clinton’s successor, former US President George Bush, later extended the programme to September 2015.

In a statement on Monday, a spokesperson for the Africa Union Commission said Dlamini-Zuma’s call was already receiving support, with Democratic Senator Christopher Coons, who is also the chairperson of the Senate Sub-Committee on African Affairs, saying: “support for Africa is one of few areas of consensus between Democrats and Republicans.”

Currently, the US investment in Africa slated below 1% the total US investment worldwide.

AGOA exports from Sub-Saharan Africa, meanwhile, increased from US$8.15-billion in 2001 to US$34.9-billion in 2012, representing an increase of 328% in exports.

Speaking during one of her meetings, Dlamini-Zuma said a framework on which to negotiate around continued good governance in investment projects was highly recommended. “Sometimes the most effective ways of doing that is through the people. The people need to understand what is right and what is wrong. They can be the arbiters as long as they understand.” –
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