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Investments still low
Oct. 2nd, 2007 01:05 pmAfrica unknown to investors
http://www.busrep.co.za/index.php?fSectionId=&fArticleId=4061916
Africa was still unknown to many American businesses and potential investors because most newspaper reports about the continent tended to be uniformly negative or sceptical, a US business executive said yesterday.
Stephen Hayes, president of the Corporate Council on Africa, is in the country ahead of the forthcoming US-Africa Business Summit in Cape Town from November 14 to 16.
President Thabo Mbeki will give a keynote address, while Liberia's President Ellen Johnson-Sirleaf will deliver a speech alongside two progressive African heads of state and three chief executives from top US corporations.
Hayes said many people saw the summit as the best chance to bring American and South African businesses together.
"I also think it's the best chance American businesses are going to have to invest in Africa to a greater extent than they have now. So our expectations are pretty high."
While the extension of the African Growth and Opportunity Act to 2015 had had a very positive effect on the continent, a lot would depend on a breakthrough being achieved by the World Trade Organisation's Doha round of talks, he said.
The US should extend the range of products it offered to Africa. "It is our hope that by getting a number of American businesses over here meeting with African companies … that can begin change. I hope there's going to be trade and opportunities on both sides in South Africa and the US and a strong US-South Africa business partnership with the rest of Africa."
On perceptions of Africa, Hayes said until more American business executives were exposed to Africa, the US would continue to miss out on opportunities all over the continent.
The most pressing issue that should be addressed in Africa was infrastructure, an area where US companies could compete and make a difference, he said.
http://www.busrep.co.za/index.php?fSectionId=&fArticleId=4061916
Africa was still unknown to many American businesses and potential investors because most newspaper reports about the continent tended to be uniformly negative or sceptical, a US business executive said yesterday.
Stephen Hayes, president of the Corporate Council on Africa, is in the country ahead of the forthcoming US-Africa Business Summit in Cape Town from November 14 to 16.
President Thabo Mbeki will give a keynote address, while Liberia's President Ellen Johnson-Sirleaf will deliver a speech alongside two progressive African heads of state and three chief executives from top US corporations.
Hayes said many people saw the summit as the best chance to bring American and South African businesses together.
"I also think it's the best chance American businesses are going to have to invest in Africa to a greater extent than they have now. So our expectations are pretty high."
While the extension of the African Growth and Opportunity Act to 2015 had had a very positive effect on the continent, a lot would depend on a breakthrough being achieved by the World Trade Organisation's Doha round of talks, he said.
The US should extend the range of products it offered to Africa. "It is our hope that by getting a number of American businesses over here meeting with African companies … that can begin change. I hope there's going to be trade and opportunities on both sides in South Africa and the US and a strong US-South Africa business partnership with the rest of Africa."
On perceptions of Africa, Hayes said until more American business executives were exposed to Africa, the US would continue to miss out on opportunities all over the continent.
The most pressing issue that should be addressed in Africa was infrastructure, an area where US companies could compete and make a difference, he said.
