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(EMAILWIRE.COM, March 05, 2009 ) WASHINGTON, D.C. – The Corporate Council on Africa (CCA), the leading American business organization dedicated to increasing trade and investment ties between the United States and the nations of Africa, has issued a series of bold recommendations to the Obama Administration on future U.S. policy toward Africa. The recommendations were presented by CCA Chairman Jeffrey Sturchio during the group’s annual membership meeting.
The recommendations, which were submitted today to the White House, are the result of a three month process that involved representatives of more of more than 100 CCA member companies, which include some of America’s largest and most influential corporations, as well as smaller companies, according to CCA President & CEO Stephen Hayes. The report spans topics from security to tourism and finance to agribusiness. Hayes described the effort as unprecedented in the 16-year history of the organization. Hayes stated, “The fact that our companies made this their priority over three months clearly indicates the importance of Africa to our economy.”
Addressed in the report were cross-cutting issues that emphasize effective U.S. government policies and programs that support economic interests across key business sectors in Africa, including: agribusiness; electrical power; extractive industries; finance; healthcare; infrastructure; security; trade; and tourism. The recommendations included the following: 1. To strengthen public-private sector partnerships; make technical assistance and capacity building a key component of all U.S. programs in Africa; 2. Expand the African Growth and Opportunity Act (AGOA) to include additional product coverage, and provide infrastructure support to AGOA beneficiaries to improve capacity to produce a broader array of AGOA –eligible products; 3. To increase capital flows into Africa, replicate trade finance programs such as the U.S. Export-Import Bank’s Nigeria Medium Term Insurance and Guarantee Facility for other African countries; 4. In the energy sector, promote U.S. expertise to leapfrog technology of green energy such as increasing support for rural electrification projects; 5. Promote increased voluntary transparency for extractive industries. The full report is available at www.africacncl.org
CCA members, through the policy recommendations, have proactively weighed in on U.S.-Africa policy by identifying key issues and making recommendations on how to strengthen American private sector engagement with Africa. The report recommends actions for the U.S. government to support American private sector investment and for African governments to create friendly investment climates.
The Corporate Council on Africa is a non-profit, membership-based organization established in 1993 to promote business and investment between the United States and Africa. It is one of the premier U.S. organizations devoted to U.S.-Africa business relations and is comprised of more than 160 members which include some of AmericaÂ’s top corporations and represent nearly 85% of total U.S. private sector investments in Africa.
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The Corporate Council on Africa (CCA)
Robert Perry
202-835-1115 aellis@Africacncl.org
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