http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 17.07Change: -16.90
R/$ = 14.98Change: -14.83
Au 1276.58 $/ozChange: -0.24
Pt 1061.00 $/ozChange: -0.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters About Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 07, 2014

Economy was highlight of summit – Davies

Back
Trade and Industry Minister Rob Davies
Photo: Duane Daws
Trade and Industry Minister Rob Davies
 
 
 
Washington|Africa|African Development Bank|SECURITY|Africa|United States|USD|Logistics|Products|Service|Value Chain|Barack Obama|Donald Kaberuka|Infrastructure|Rob Davies
|Africa|SECURITY|Africa|||Logistics|Products|Service||Infrastructure|
washington|africa-company|african-development-bank|security|africa|united-states|usd|logistics|products|service|value-chain|barack-obama|donald-kaberuka|infrastructure|rob-davies



Highlights of the US-Africa Leaders Summit focused on the economy, however the US made no commitments at the conclusion, Trade and Industry Minister Rob Davies said on Wednesday.

"Many [leaders] spoke about how the economic performance of Africa was much improved," he told reporters after the summit in Washington ended.

Outside investors were showing increased interest in the continent, he said.

One of the purposes and outcomes of the summit was that President Barack Obama, his administration and the chamber of commerce were trying to mobilise investment from US businesses in Africa.

Davies said the African Growth and Opportunity Act was a good initiative but it was agreed at the summit that there was insufficient use of it across the board of trade preferences.

The reasons for this were based on the fact that, through the infrastructure deficit, the continent was losing 2% of its potential growth, as African Development Bank president Donald Kaberuka had pointed out.

This was because the growth experienced by Africa was not matched by significant economic transformation.

"A number of delegations spoke about Africa moving up the value chain, moving away from an existence where we are simply producers and exporters of primary products, where the regional integration agenda was a critical one, where the infrastructure programme is a crucial one," Davies said.

However, there were no specific commitments made in response to this by the US.

"The president [Obama] said they were taking extensive notes and they were going to look at all of the matters and try to address them."

During his closing press conference on Wednesday, Obama said leaders at the summit had pledged to step up efforts to pursue reforms to attract investment, reduce barriers that stifled trade and promote regional integration.

He said the US would increase its support to help build Africa's capacity to trade with itself and with the world.

"This summit has helped to mobilise some $37-billion for Africa's progress on top of, obviously, the substantial efforts that have been made in the past," Obama said.

The summit focused on growth, development and economic transformation, as well as security, governance and democracy.

On security issues, the summit discussed specific hot spots on the continent, but were mostly focused on the broader security context, Davies said.

The continent indicated that the security strategy developed by the African Union was in place but the biggest challenge was logistics.

The leaders spoke about corruption and illicit financial transactions.

Davies said it was decided that in the interest of good governance there needed to be more transparency and better service delivery in governance.

Obama and African leaders had agreed that another summit like this one needed to be held.

The summit, initiated by Obama and attended by representatives of more than 40 African countries, had been the first of its kind.

Davies said no decision was made on when the next summit would be held.

The overall feeling was that the summit was a success.

He said there was an equal dialogue between the US and Africa during the summit.

"That is an important sign that Africa is starting to emerge... That was really what came out of this. That is why many have welcomed it," Davies said.

"Most of us would say it was a useful summit and I think we'll be back for the next one."

*Flight and hotel costs for Sapa's reporter covering the summit were paid by The Presidency.*

Edited by: Sapa

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
 
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Emira CEO Geoff Jennett
The JSE-listed Emira Property Fund has invested over R250-million in acquiring new centres and upgrading its shopping centres to strengthen its retail assets, according to Emira CEO Geoff Jennett, who stated on Thursday that the company was investing strategically....
Equites CEO Andrea Taverna-Turisan
JSE-listed Equites Property Fund achieved an 18.3% year-on-year increase in distributions to 96.6c a share for the year ended February 29. “The distribution growth reflects the strong property fundamentals of the Equites logistics portfolio,” Equites CEO Andrea...
It takes a coherent company to successfully and sustainably close the gap between strategy and execution in Africa, and one of the key factors in doing so is unconventional leadership, which is needed to foster the behavior required of coherent companies, according...
More
 
 
Recent Research Reports
Energy Roundup – May 2016 (PDF Report)
The May 2016 roundup covers activities across South Africa for April 2016 and includes details of the National Energy Regulator of South Africa’s proposal to introduce a coal benchmark cost as part of its final decision on Eskom’s multiyear price determination...
Automotive 2016: A review of South Africa's automotive sector (PDF Report)
Creamer Media’s Automotive 2016 Report provides an overview of South Africa’s automotive industry over the past 12 months. The report provides insight into local demand and production, vehicle imports and exports, investment and competitiveness in the sector, as well...
Energy Roundup – April 2016 (PDF Report)
The April 2016 roundup covers activities across South Africa for March 2016 and includes details of a North Gauteng High Court Judge’s dismissal of a court application to postpone the 9.4% electricity tariff increase, which the National Energy Regulator of South...
Electricity 2016: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2016 report provides an overview of South Africa’s electricity sector, focusing on State-owned power utility Eskom and independent power producers, electricity planning, transmission, distribution and the theft thereof, besides other issues.
Energy Roundup – March 2016 (PDF Report)
The March 2016 roundup covers activities across South Africa for February 2016 and includes details of the Department of Energy’s plans to announce the preferred bidders for the first tranche of the coal independent power producer procurement programme; the Council...
Steel 2016: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2016 Report examines South Africa’s steel industry over the past 12 months. The report provides insight into the global steel market and and particularly into South South Africa’s steel sector, including production and consumption, main...
 
 
 
 
 
This Week's Magazine
Updated 3 hours ago Following the drop in commodity prices and China’s demand for Africa’s resources, African economies were slumping and gross domestic product growth was stagnating in most of the continent’s emerging markets, said the New Partnership for Africa’s Development, or...
Updated 3 hours ago The New Development Bank, a multilateral lender formerly known as the Brics Development Bank, will provide $811-million in a first round of loans for clean energy projects in four nations.
Updated 3 hours ago South African car and bakkie exports into Africa declined for the third year in a row in 2015, falling from 79 228 units in 2012, to 77 589 units in 2013, 60 189 units in 2014, and 41 446 units last year – this according to the Automotive Industry Export Council’s...
Updated 3 hours ago Networking systems multinational Cisco is training 75 people as part of a pilot project to develop specialist networking skills in South Africa, says Cisco South Africa CTO Vernon Thaver. The trainees were nominated by and selected from Cisco’s local partners and...
Updated 3 hours ago The threat landscape is changing, along with technologies, impacting on new fields, such as industrial infrastructure, which is becoming increasingly connected. Smart cities are also developing fast through connected devices, Web services and cloud solutions, but...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $149 Close
Subscribe Now for $149