WASHINGTON Aug 5 President Barack Obama will
announce on Tuesday that U.S. businesses have committed to
investing $14 billion in construction, clean energy, banking,
and information technology projects across Africa, a White House
The announcement will occur at the U.S.-Africa Business
Forum, part of a three-day Africa summit in Washington meant to
showcase U.S. interest in improving trade and investment in the
"These investments will deepen U.S. economic engagement in
Africa, fueling growth that will support broader African
prosperity and emerging markets for US businesses, which will
support jobs in both the United States and Africa," the White
House official said.
Obama will take part in a discussion with corporate chief
executives and government leaders at the event, which will be
attended by Commerce Secretary Penny Pritzker, former New York
Mayor Michael Bloomberg, and former President Bill Clinton.
The business forum will allow dozens of African heads of
state to mingle with U.S. and African executives, the official
said. It will focus broadly on investment in finance,
infrastructure, energy, agriculture, and consumer goods.
More than 90 U.S. companies are slated to participate
including Chevron Corp <CVX.N, Citigroup Inc, Ford Motor
Co, General Electric Co, Lockheed Martin Corp
, Marriott International Inc, Morgan Stanley
and Wal-Mart Stores Inc. Several African
companies were also expected to attend.
In a brief preview of Obama's remarks, the White House did
not give specifics on the nature of the business deals or
identify which companies were involved.
"These agreements represent conclusive evidence that America
is open for more business with Africa as the Continent's
economic ascent is just beginning," Pritzker said in a
"Each day, 250,000 Americans go to work in jobs supported by
exports to Africa and these deals will lead to increased
prosperity on both sides of the Atlantic in the months ahead,"
The Obama administration has billed the summit as the first
of its kind, but it comes long after Africa gatherings hosted in
recent years by China, India, Japan and Europe, suggesting the
United States is largely playing a game of catch-up for access
to a market in several growing industries.
(Reporting by Jeff Mason; Additional reporting by Lesley
Wroughton; Editing by Eric Walsh)