Washington, DC — The Corporate Council on Africa (CCA) yesterday hosted a luncheon in Washington, D.C., for Kenya’s Deputy Prime Minister and Minister of Finance Uhuru Kenyatta. The event was co-hosted by The Coca-Cola Company and attended by CCA members and a large Kenyan delegation that included the governor of Kenya’s Central Bank.
Kenyatta applauded private sector participation in Kenya’s economy and spoke of numerous investment opportunities that will be presented at this year’s African Growth and Opportunity Act (AGOA) Ministerial and Private Sector Forums, to be held in Nairobi, Kenya, from August 3 – 6, 2009. CCA is partnering with the U.S. Department of Commerce and the Kenyan Manufacturers Association as the U.S. private sector coordinator for the forum. Kenyatta specifically highlighted the launch of the SEACOM submarine fiber optic cable project along the coast of East Africa as a bellwether for increased investment in the region. The AGOA Forum will include senior U.S. and African government officials as well as numerous private sector representatives from the U.S. and Africa. Kenya President Mwai Kibaki and U.S. Secretary of State Hillary Clinton are expected to attend.
AGOA is a part of U.S. trade legislation that allows for duty-free access to the U.S. for 37 designated Sub-Saharan African countries. Since its inception in 2000, AGOA has helped increase trade between the U.S. and Africa.
“AGOA is a linchpin of U.S.-Africa economic relations,” said Stephen Hayes, president and CEO of CCA. “Trade and investment must continue to be the cornerstone of U.S. – Africa foreign policy.”
Kenya, with the largest economy in East Africa, experienced difficult elections in 2007, leading to the formation of a grand coalition government in 2008. “We want to move forward as a nation,” said Kenyatta, the son of Kenya’s founding president. “However, we need equity to do so. Government provides an enabling business environment, but the private sector drives economic growth.”
About The Corporate Council on Africa
Established in 1993, The Corporate Council on Africa is a nonpartisan 501 (c) (3) membership organization of nearly 180 U.S. companies dedicated to strengthening the commercial relationship between the U.S. and Africa. CCA members represent nearly 85 percent of total U.S. private sector investments in Africa. The organization is dedicated to bringing together potential business partners and to showcase business opportunities on the continent.
For more information on the 8th annual AGOA forum, visit: www.africacncl.org.
CONTACT: Nicole Amarteifio, (202) 263-3538, namarteifio@africacncl.org
