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Obama courts Africa’s business

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Obama courts Africa’s business

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DAR ES SALAAM, Tanzania (AP) — President Barack Obama on Monday courted African business leaders and announced new trade initiatives to open up East Africa’s markets to American businesses, as he sought to counter the rise of Chinese economic influence in the growing continent.
The United States, he declared, wants to “step up our game” in a region that is home to six of the world’s 10 fastest growing economies.
The president was welcomed in Tanzania by the largest crowds of his weeklong trip to the continent where his family ties run deep. Thousands of people lined the streets as his motorcade sped through this city on the shores of the Indian Ocean, some wearing shirts and traditional khanga wraps bearing Obama’s image. The oceanfront road leading to the Tanzanian president’s residence had been permanently changed to “Barack Obama Drive” in honor of the visit.
Throughout his three-country trip, Obama has touted a new model for U.S. partnership with Africa, one based not just on aid and assistance, but also on trade. While the U.S. has long been a leader in foreign aid to Africa, China has surpassed America as sub-Saharan Africa’s largest trading partner. Countries like India, Turkey and Brazil also are increasing their presence on the continent.
“I see Africa as the world’s next major economic success story,” Obama told U.S. and African business leaders Monday. He spoke following a private meeting with top executives, including representatives from Coca Cola, Microsoft and General Electric.
In earlier stops in Senegal and South Africa, the president said he welcomed world economies turning their sights to Africa, declaring “the more, the merrier.” But he also challenged African leaders to pick their international partners carefully, saying they should push back against countries that bring in their own workers or mine Africa’s natural resources but handle the production outside the continent – all criticisms that have been levied against China.
Seeking to draw a contrast with Beijing, the president said his administration’s goal was “for Africa to build Africa for Africans,” and for the U.S. to be a partner in that process.
Obama’s trip marks his first stop in Africa since 2009, when he spent 24 hours in Ghana. China’s new President Xi Jinping embarked on an Africa swing less than two weeks after taking office earlier this year.
During his meetings in Tanzania, Obama announced a new venture, dubbed “Trade Africa,” that aims to increase the flow of goods between the U.S. and sub-Saharan Africa. The initial phase will focus on East Africa – Burundi, Kenya, Rwanda, Uganda and Tanzania – and aim to increase the region’s exports to the U.S. by 40 percent.

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