Fidelity bank banner Camano banner
How Africa can attract more American investors

By News Express on 12/03/2019

Views: 255


The United States has urged African governments to improve their business environments to better attract major American investment. The U.S. Assistant Secretary of State for African Affairs, Tibor Nagy, made the comments during a four-nation tour of Africa.

The U.S. diplomat says many American businesses want to invest in Africa. But, Tibor Nagy says they first need to first see a more positive investment environment.

"Which means, minimum levels of corruption, fair treatment, honoring contract and quite frankly a good governance environment because that's what American businesses want," Nagy said.

 Nagy made the comments after meeting Friday with Ugandan President Yoweri Museveni on the first leg of his four-nation African tour.

In December, the U.S. announced its long-awaited Africa policy. The economic focus is on countering China's fast-growing influence on the continent through investment.

 Critics have accused China of saddling African nations with huge debts that Beijing can use as leverage, so-called "debt diplomacy." While China rejects the charge, many African nations point out they have few options for funding large-scale infrastructure projects. And, unlike U.S. investments, China's don't come with human rights and good governance requirements.

The U.S. says its investment priority for Africa is not just to improve opportunities for U.S. business but to also safeguard African states' independence.

But Ugandan political analyst Bernard Sabiti says, in responding to China, the U.S. policy on Africa is becoming more flexible.

"The prerogative that the United States has always had to say if you do not have these governance and human rights benchmarks, then you will not qualify for World Bank loans or our money," Sabiti said. "I don't think that threat is as effective as it used to be. The countries have learnt that you can actually still be pretty brutal, and the United States does not necessarily back away completely."

But Sabiti says African nations still need to do better in addressing good governance, human rights, and corruption to attract more and bigger U.S. investments.

 Assistant Secretary Nagy said conflict in Africa is also hindering investment.

On Monday, Nagy finished a visit to Rwanda, where a diplomatic spat has soured relations with neighboring Uganda.

Nagy said President Museveni and Rwanda's President Paul Kagame needed to work to resolve the matter.

"Both of these countries are very positive forces for the regional environment," Nagy said. "Regional security is important for both countries. Both countries obviously have also experienced turbulence with the Eastern Democratic Republic of the Congo region. So, we encourage our friends to discuss any disputes that they have between themselves."

Nagy is scheduled on Wednesday to be in the Democratic Republic of Congo to meet with civil society and the controversially-elected new government. He plans to discuss strengthening regional stability, good governance, and commercial ties as well as responding to the Ebola outbreak in the country's east.

Nagy's last stop is next week in Cameroon, where, among others, he will meet with members of the Young African Leadership Initiative. YALI is the U.S. government's signature effort to invest in the next generation of African leaders. (VOA)

Shoppers react during the opening of the Mall of Africa in Midrand, outside Johannesburg, South Africa, April 28, 2016. 

Source News Express

Posted 12/03/2019 7:23:56 PM

 


 

CLASSIFIED ADS

 

You may also like...
Rehabilitation of IDPs to be captured in 2016...

INEC declares Ugwuanyi Enugu Governor-elect

15 VGC Lagos residents to be tried for...

Ex-Army Chief, General Ihejirika, embraces Python Dance

Why Fayose cannot run for presidency — Nwodo...

New Aare Musulumi of Yoruba land installed

Delta Speaker’s Office disowns ex-councilor who raped 7-year-old...

Do you have a memo for the National...

Okonjo-Iweala appointed into Commonwealth high-level group

Ekiti too broke to appoint political officers —...

African leaders pledge to improve emergency preparedness and...

Split in R-APC as Saraki moves to join...

 

Latest News European Union writes Buhari on Nigeria’s democracy Adeleke’s Victory: Any hope for Atiku at Presidential Election Tribunal? Ogoni Ethnic Nationality declares Amaechi, Emma Deeyah, Victor Giadom, George Feyii, Greg Nwidam, Eric Nwibani, others, persona-non-grata Kano Guber War: APC slams PDP El-Rufai reveals what will happen to those who voted against him during Kaduna governorship election Boko Haram: I slept in tents to inspire my people to return — Emir The martyrs of Rivers polls 103 make First Class in Open University APC planning to arrest our leaders in Bauchi — PDP End of the road for ISIS terrorists Boko Haram: Chad fires Military Chief over death of 23 soldiers Group hails court order on arrest of top APC politicians in Bayelsa, insists no election in Brass, Nembe

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (461,386 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (410,665 views) Shameless Genevieve Nnaji exposes breasts in public (346,699 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (297,500 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (261,767 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,632 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (222,768 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,466 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (192,838 views) 10 cars more expensive than Jets (177,952 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (177,007 views) Lagos plane crash: Journalist releases victims’ names (175,891 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,097) Business Verdict (60) Columnists (1,008) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (598) Features (725) Global Business Monitor (327) ICT Monitor (27) International (3,209) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (194) News (44,155) Opinion (1,206) Pidgin (17) Politics (10,327) Religion (962) Sports (1,927) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera