here, remember that you are not just the cream of america, you the hope of america. we have to fight this war with all of the passion and commitment and energy that we have. and remember, we fight for the glory of god and the nation of his children and remember that we fight to bring america back to the mountain top. god speed. god bless you. >> beautiful. thank you very much. [applause] guillory. louisiana's own. >> wednesday night in primetime we'll bring you coverage of the netroots nation conference. it includes discussion s of the super pack ready for hillary. here is a portion of that panel.

>> one of the things that is really unique about this organization is that, you know, we're not so -- it would be pre sump wouse for us to think we can declare what hillary clinton's message is going to be. this is not a campaign. it is focused on building grassroots army or infrastructure. for every time that hillary goes out and gives a speech about recent things that have happened in voter suppression, we're echoing that making sure that r email list knows the key points that she has hit and and giving people the opportunity to really join in the efforts that she is promoting and then also really just use herg as a force -- her as a force in personality. the pictures on the facebook

page and network channels are things that we have done a lot of testing on and people respond to. she is an inspiring figure. >> you can watch the netroots 58 eastern ence here on c-span. >> for over 35 years, crmp span brings event in washington directly to you. offering complete gavel-to-gaffle coverage of the u.s. house, all as a public service of private industry. we're c-span, created by the cable tv industry 35 years ago and brought to you as a public service by your local cable or satellite provider. watch us on h.d., like us on face is book or follow us on twitter. >> on washington journal tomorrow, william kristol join

usst us. we'll get an update over the g.o.p elections. people in toledo, ohio were told not to drink the tap water, that it was contaminated. melissa harrison will discuss the water shutdown. later, as part of our spotlight on magazine series, kevin williamson of the national review on his recent article on whether congress should authorize the export-impart bank to help sell -- import bank to help sell products to customers. you can join in on the conversation on facebook and twitter. >> american history tv on c-span 3 this weekend. friday night at 8:00 eastern, watergate 40 years later with a cbs special report and president

nixon's address to the nation. saturday at noon eastern, a call in with author john farrell. and sunday at 8:00 on our series gerald ford y, becomes the 40th president of the united states. former president bill clinton sat down with business leaders to talk about investment in africa. included in the discussion were the coast of the dow chemical country, general electric and wal-mart. his was part of the u.s./after ca business forum. >> -- africa business forum. >> good morning, everybody. i would like to begin by thanking secretary pritzker for the work done to bring us together. i'm grateful for president obama

for sponsoring this. this is probably something we should have done a long time ago. there are many heads of state here from africa and political and business leaders from both continents. i do want to say that our thoughts are with the leaders of liberia, guinea and sierra leone who could not be here today because they had to stay home to deal with the ebola outbreak and we wish them well. i told the panelists before we came out today, that i hate panels that are overdirected. and i don't like ones where the members filibuster, but i do want them to be able to say what they have to say. about this issue. we all want more trade, more investment, better ties. it is generally known that africa is going to grow, as it has for somewhere between 5% and

7% as a continent. six of the 10 fastest growing economies in the world are in africa. it may go to seven in this coming decade. the middle class is growing. but in spite of the $80 billion in foreign investment and the $400 billion in exports we'll see this year, 3/4 of those exports are still in oil and gas, metals and diamonds. so the potential for economic diversification is great. there are 650 million cell phone users on the continent of 900 million people. only 300 million people with electricity. 170 million people with generally good internet access. 23% of the people have a bank account thanks largely to cell phone banking and 5% have a credit card. so there are lots of obvious

options here. to those of you, the small number here who are interested in this subject but have not had a lot of contact with africa, i think it is important to say so our african panelists don't have to say it, the obvious. it is a continent, not a country and the laws of countries matter and the practices and the cultures and opportunities will be different from place to place, but all of these panelists have a lot of experience on all the relevant issues. now this conference is well organized. this is supposed to be about how business-to-business contacts can increase investment and economic activity. then there is a panel on infrastructure. then there is one on finance, which is a huge deal. then there is one on government action. but i told our panelists not to worry too much because they will have to say some things about the constraints and

opportunities and these other categories. so with that as a background, i ould like to start with jeff immelt because general electric has been involved in africa for i believe 116 years. since 1898 and they are about to get the hang of it. [laughter] so i want to ask you, in spite of -- which i signed almost 20 years ago, 15 years ago, and all the things that have been done since, it strikes me that we have only barely scratched the surface of what we could and should be doing there and that we're missing the boat. we should understand, this is a massive opportunity for america's business. based on your experience, what do you want to say to the americans here and what do you

want to say to the africans here about what one or two things each of us could do to accelerate this process? >> thanks, mr. president. let me say thanks again to penny and the president for doing this. i think it is a great step that shows the commitment and the potential that the region has. i would say to all of the -- you know, my fellow c.e.o.s, the number one thing is give local. i think too many of us conceded this early in our careers to the europeans mainly because the u.s. market was so good. if you're an american of my age, really for a long period of time you didn't have to travel much. we kind of gave africa to the europeans first and to the chinese later. but today it is wide open for us, but you to give local. that is step number one. i think financing is the number one gap, at least in the businesses we're in. and what's lacking i think is what i would say investable

strategies that governments need to put forward. for instance, there is a right way to do a power purchase agreement and a wrong way to do a power purchase agreement if you want people to invest in it. we need more convergence among good standards bonn behalf of the there is probably $25 billion of infrastructure investment in this room alone, but you all want to be the second person in after somebody else has taken project risk. we need a good coordination turnover u.s. government, xm, world bank, people like that, along with real investors willing to put skin in the game to get that first investment in. let's not kid ourselves about financing. and it has got to fit. it has to be flexible. it has to fit the african standard. it needs to be flexible and risk-based financing. this is a small thing on our behalf. i think all of us would benefit

if there was some regional integration in africa. the southern african i lines. might put together four or five countries that we can invest behind. those are the three things i would put forward. >> let me ask you one of follow-up question very quickly. we don't want to get in the middle of washington's political wars but how important do you think it is for the future prospect s of getting more financing in africa for american businesses to renew the export/import bank? >> there is a lot of things to be critical about big businesses and there is a lot of things that don't work in government but exporting is not one of them. the xm bank isn't one of them. the fact that we have to sit here and argue for it i think is just wrong. there is 53 export banks around the world. also a relatively small basis is less than a lot of what europe

does or what china does. more important than anything else, mr. president, shows that the u.s. cares. i'm not asking g.e., caterpillar, i.b.m., dell, we're not asking for favors. we're putting our own risk capital up against it. these projects need the hand of the u.s. the underwriting of the u.s. if the u.s. underwrites a deal risk capital comes in. we punch way above our weight with xm. it speaks to the countries' interest in a region. it is a competitive weapon. it creates jobs here. lots of jobs and it creates jobs in the countries we go to. >> thank you. you have established some remarkable partnerships with iconic american brands and you -- i know from talking to you backstage that you have got some very clear ideas about what should be done. from the african side, what do

you think could be done to accelerate the business partnerships flow of investment and the creation of jobs? >> mr. president, i think -- thank you. mr. president, i think more than just looking at what we as africans can do, i think together what we can do, is certainly look at the area of -- look at areas that are challenging for us as african countries. and a key area for us is around young people that we have in africa. 15-25-year-olds in africa make up 60% of the population of the continent today. the key issue is making sure that have those people being educated to be able to contribute towards, you know, the continued growth of our economy on the continent. and so in looking at our partnerships and we have been able to create partnerships with mcdonald's and can coca-cola. that has been a key area for us.

so for example, with mcdonald's today, we employee 11,300 people in south africa. what we have done is to focus on educating and employeing young people coming into our business and so what we do is we have a significant focus on that. from a business perspective it is important that we focus on education and the department of young people so that as we go forward we have the resources that we require to push the economy moving forward. and we will then have the capability to be able to continue to grow our economies in the manner that we need to o. >> do you think it would be helpful if these major american companies did more in the education and training area, to design programs that are tied directly to the job market? i must say this is not just a problem in africa.

it is a problem in america. this is a problem all over the world. there is a job shortage for young people everywhere. it is part of what triggered the arab spring. they were producing 400,000 college graduate a year and nowhere near 400,000 jobs for them. they were not trying to do the jobs that were or might be brought there. so is this something we should doing to together? >> absolutely, yes. it is working. absolutely. i think we definitely need to be focusing on pushing for more education of young people together. i think it is a critical issue for us to focus on as we move forward because if you think about it, what is the one critical resource that we need to move our continent forward and to continue to grow? it is to develop our young people. and then from that perspective to then be able to continue to invest in other areas. we know that the various other challenges that we face, we know

there are a number of sectors that require significant investment and so, you know, from perspective what i would say is for american investors coming into the african continent, the one thing that we need to be looking at is that, you know, you cannot be looking at coming into the african continent with the perspective of being able to invest immediately. as many of you know because you african een in the continent. it is the issue of making sure that we are willing to invest in the infrastructure requirement s of the country that you're investing in. whether it is investing in the people of that country or investing in the infrastructure, it is very important to be able to do that prior to the actual investment in the business. because you know, with our -- you won't have that continued growth of that business and you won't be able to support the country that you are in as well. >> thank you.

doug, first of all, congratulations on your assuming he presidency of wal-mart. you made your move in africa particlely by acquiring a company. and you are successful in this country and around the world in not just asure, because you source from people who give you a good price, but because you have a brilliant supply chain operation. i think based on my experience, working to get aids drugs to people, trying to help very small farmers become part of a competitive market that these

supply chain markets are quite profound but they should create an economic market. talk to me a little bit about why did you go in to africa by buying another company first and what is your take on the supply chain issue and whether it is an opportunity and and obstacle to future investment. >> it is the issue for us and i would lover to talk about it. first of all, thank you for having us. we're just so honored to be here. i'm excited about africa. started going a few years ago leading up to the acquisition that we made. as we look at what we're trying do in africa, we're trying to provide customers access to fresh produce and other items at a great value. to do that, we have to have a great supply chain. in the case of africa, we are taking some of the learning from other parts of the world to invest and supplement in areas where it is needed but all of us need to be doing that. we want to be eable to take the

fresh produce, for example and reach the small and medium holders and enable them to be more productive in their yields torques provide packed houses if they need them. it creates great jobs for value-add good and commodity-type items to lift the whole thing and have a system that works. for us it is a long-term proposition. we invest $2.6 billion in 2011 and that is just the beginning and what we're expecting and the reason we made the investment is we think the whole region, not just southern africa, nigeria, kenya, so many countries around the continent are going to do the right thing to provide the right infrastructure so that the whole thing works. we want to do our part. one of the side events we're seeing already is tapping into those source s of supply for produce and things like wine and exporting them outside of africa

and selling them in the united states and u.k. one of my favorite stories is about a couple of sister who is came back together and formed a winery and it is called seven sisters wine and we're selling it and have sold about 500,000 cases so far. we never would have found them we didn't have the presence in africa. >> what is your take on the future of manufacturing in africa? it is going to be one of the things i think is worth pointing out is that while manufacturing is the single most rapidly growing sector to have economy in terms of annual productivity growth, therefore, every year fewer people can produce more stuff, whatever that stuff is. the multiplire effect of manufacturing jobs in every society on earth is quite high. and if we give better infrastructure and do better

ith the supply chain, and we should be able to build manufacturing centers. but in the opening remarks, one of the things that has not happened within africa is that he original promise of -- in e east african community and to have basic multinational continental marketing and open markets and more free trade within africa, i think is slowing down a lot of manufacturing investments that might otherwise come. so talk a little about that. what do you think we ought to do about that and what can this conference develop? >> thank you, mr. president. my thanks to being invited here. dow doesn't have quite as long a pedigree in africa as g.e.

the one thing that we haven't discussed yet on this panel that big companies like dow and wal-mart and g.e. bring their supply chains to africa also have to face the continent's philosophies and practices beyond governments and bad governments and beyond aid and how to use aid and address poverty. as you know, income inequality and jobs for youth and youth employment in general that you both touched on is an issue of most developing nations and the solutions we have been getting into here like crustering, like free trade, like all the things you mentioned, i think designing an economy used to be considered a bad thing. making industrial policy and all of that. i've been trying in my travel across the world to use singapore, thailand, a few other countries that have advanced their economies and generations

skipped. you're not going to have to go through learning curve of the united states. you can generation skip, avoid the pollution, really create job model supply chains of the type you mentioned five to eight to one. being an exporter which is where you start first, companies are the type that especially g.e. or dow, we bring value training to you early through local partnerships and we actually prefer the local partnership model. we have 86 joint ventures around the world. the whole notion of going local and creating clusters needs to be brought to a nationstate. within countries of size like a kenya. we have worked with the kenyan

government to do that. how would you approach designing a economy so that you can take advantage of the most important of all -- important resources you have. how can you organize yourself so the infrastructure gets dealt with the infrastructure you raise? they are doing it in mumbai saw. building some industrial clusters which is the beginning of the clusters. i have 41 doubt people and ibm people in ethiopia training students. models these partnership -- this is for africa by african's. inter-prizeerican

has figured out how to go local andringing value trains creating jobs. you have to figure your way through advanced economy developments. create an aviation supply program. there is a whole supply chain. it in advanced manufacturing plan. model, is thehot only way forward. can generation skip if they do this faster than previously. to follow up on that one of

the great opportunities the leaders have is to add to value of their resources. before they leave the continent. i was talking with a group about the work we did in rwanda to try to bring them a coffee roasting operation. we sold all the coffee for years.

the same thing with soybeans. the opportunities would surprise a lot of people. there are lots of opportunities. >> one example, the example of cassava. producing,t good at solve a -- at producing cassava. in nigeria toork replace wheat flour in bread with cassava. you can put it in your stores. this is the sort of supply chain point you are making good read which is there if you go local. the point i want to make is there is money in this. real money. africa is underinvested.

i got a lot of other questions. it has been to -- interesting to me to watch your emergence. from being a person who made a lot of money in a traditional industry to someone who is thinking about where you want africa to be in the future. about nigeriag and how fortunate we have been that not withstanding the political turmoil in the north the lagos region has been able to operate and continue to grow at a brisk rate. which is highly important for all africans. there are more people there than anywhere else.

want potentialou american investors to know. what you need the most. what you think you and your fellow african should do to help build more partnerships. >> first of all it is great to be here. this forum will help bring in people in terms of africans and americans together to know ourselves. if you don't know yourself, you will not -- we have been partnering a lot of american companies. a couple of them have information on africa. they are thinking about africa from the last 10 or 15 years. things have changed dramatically. africa has been growing at 5.5%.

it means when you look at the future, the future is there. the 5.5% growth is without power. thereok at a country -- is no power there. we have been struggling because ofthe series transformations. in terms of the micro and -- there is a little

bit of issues here and there. , even continue to grow like this, the projection is in years, africa will end up with a $15 trillion gdp. it is a great story. we are growing rapidly. there is a lot of perceive the risk. do notority of people know the story. they have not in there. africa is 54 countries. some people believe it is like one state. need about 37 visas to move around in africa.

-- hemebody coming from of these is to get needs visas to go to 78% of countries. nigeria, there should be free movement of goods and services. within the region and continent itself. >we have looked at this. there is quite a lot of opportunities. most of the companies are eager to go to africa and invest. partners whove really know africa to invest with.

-- a lot of american companies have zero down on one or two companies. us,uld like to announce for we have two major partnerships. thewhich is the biggest, partnership with blackstone. we have signed an agreement, investing $5 billion jointly in power infrastructure and infrastructure across sub-saharan africa. [applause] with this, we will close the gap. we know about the gap. we are going to be very serious

and aggressive. the second one we have, when billion dollars to invest in petroleum refining. i grew culture. -- agriculture. financial services. we took 10% of the africa fund. we are open. i'm sure there will be a lot of these deals. i hope somebody will be out there. >> just for member who sells powergenerating equipment. [laughter] just want to get that in there. >> i think that is the purpose of this conference.

i should have been your agent. let me ask you about the power. related to the supply chains. it is only based on my experience in countries where we do business development work. africa still has a lot of inequality in terms of economic opportunity and options. city to country. the one thing that has spread like wildfire his cell phone spec elegy -- technology. which is why you have as many as 23% of the people having a bank account. potentially you could have two thirds of the people banking from their phones. which is what we are doing in haiti today.

at least based on my experience, we have to have some power source to when we medical tests try to build health clinics in rural areas. if we wantombination to accelerate growth and make it even of centralize power off the grid and distribute it power solar wind.r rent managerere the energy of an african country, would you pursue a dual strategy? what are the applications of that -- were the implications of funds?r investment

>> i would say you need both. you have a hundred gigawatt deficit of electricity in africa. it is pervasive. grid is not going to be invested in quickly enough. leading withate distributed power you have to solve the gas availability issue. you start with fuel. you have countries with hydro capability. option.ould be a real you have natural gas. the issue should be to get the natural gas priced the right way. some sort of infrastructure to do distributed power. you have countries like kenya or tanzania where when and -- where

wind could be a couple -- applicable. you haved but it's -- sunshine but distributed solar is not going to solve africa's challenges. countries that have hydro, do hydro. there's going to have to be coal in the mix. we need to be practical about where that goes. we ought to have distribute it solar programs. it is going to take a multitude of different things. every government in this room should have a transparent energy policy. scheme.arent financial there is a right way and a wrong way to do it. you are going to have enough skill to localize some

technology. andonly are you solving infrastructure issue, you also infrastructure -- i say so of the easy problems first. doing something like building a nuclear power plant is the hardest thing on earth to do. if you laid everything on earth to do and picked the hardest, that is the hardest. i don't that is going to be a pervasive technology that gets advanced in africa. >> viewer to comment? -- you want to comment? >> i do. energy policy for nationstates is something they can learn from all the rest of us who got it wrong. this country does still not have a right. one thing that countries and regions can do is start at the a fidgety conservation and and then work backwards into the grids and fuel sources. if you see nuclear is too hard,

you are paying the price of oil or its proxy. that is hard to compete with on affordable energy. to get all theng things that we want from competitiveness and job creation unless it is affordable. start with the btu you never use. national building standards. designs. work out your traffic patterns and logistics. we waste 40% of the energy we use in this country through bad buildings. if you can in fact intervene at the use level and work your way back, and you are fortunate enough to have natural gas, then use that domestically before you export it. or if you exported, bring the money back in use it wisely.

this is an all above energy energy. inbefore we go on to doug, his former life, mayor bloomberg -- at the end of his term was the chairman of a group called big cities devoted to greater energy efficiency and sustainability. the cleaning -- the clinton administration was the technical among -- implementor. there are cities that are trying to close landfills and use energy sources, do recycling. get more out of what is there. it is no longer people thinking this is some touchy-feely -- you a relevant issue

irrelevantsue -- issue. i don't there is a big company that has tried to do more on the issue than walmart. what do you think about this? is this an opportunity for creating energy through sustainability? a dot?i connect we are in pursuit of renewable energy wherever we operate. we use a lot of on-site solar, hydro and wind in mexico. africa seems like a place for investments to exfiltrate this. do some generation-skipping. what new equipment can do today compared to what old equipment used to require is dramatically different. there are a lot of stores in africa.

a lot of waste in the system. notmoney could generate only more efficiency but a tremendous return. i think there was a? ther -- there is an investment opportunity. issue is more investment for the private sector. is very much a public sector driven area. we need more legislation that allows the private sector to participate. , wethen having look at that need to have countries focus on energy sources that make more sense to them. gas, it is not necessarily the answer to every country. for instance, guesses not easily available in south africa. -- gas is not easily available but is available

in nigeria. if i look at it from a south african perspective, i would say haveed to use the coal we but also look at renewable sources. that is already being done. four spectrums, seeing what can be introduced and bringing that into account. there's a lot that needs to be done in terms of the regulatory side as well. having it any manner that is investor friendly. >> you want the last word? >> yes, mr. president. in africa we can iterate power -- generate power from various sources. in nigeria, we have hydro and coal and gas. reservesotential gas

and we are not even using one billion cubic feet. we can do quite a lot. i think we need to pay a lot of attention to power. i think that is the best. if we want to have increasing growth, most of the small and medium enterprises are not going to work unless we have -- >> feel free. >> i think it is something we need to do. our interaction between africa and the u.s. i believe is very important and nt.a monde -- paramou a lot of countries have what you call credit in terms of buying

equipment. america is competitive because of the cheap energy you have. american equipment is competitive. >> firsts not renewed of all, we are having a vigorous agreement, i find it amazing. economics and if you are running a country, you have to create an opportunity for your businesses to be competitive. and that's all the exim bank does. and i have heard more ridiculous things said about the exim bank in the last six months than i heard in my lifetime. i need to do that in a way to encourage more economic diversification in africa.

and i wish that not only our african panelists, but others here would give some thought to that. right now, we want to get it extend it and how to craft the extension so we can support the development aspirations of the various african nations and what the people really need. look, we are out of time. we haven't talked nearly about education and training and the equal inclusion of women and girls in the economic plans for the future. there are so many things that need to be said about finance infrastructure, energy, that presumably will be said later. but i hope that everybody who's here because you are interested, though not yet involved is now more interested and more determined to be involved. and i hope that all of our african friends who are here will accelerate the opportunities we have to do

things together. i think the united states and its business community need this relationship as much or more as africa and its business community. this is a very important part of our future. and i would just like to say one final thing. there was a panelist up here talking before we came out and i heard about his story and i thought of all the people driven out of uganda. and the amazing stories so many of them had made, it reinforced something we shouldn't forget here. intelligence, dreams and ability to work is distributed. investment opportunities and citizens that reward smart behavior are not. that's really what this is about. all of us are being given a

chance to either do our work like the gates foundation and i do or to make a lot of money out of the fact that this gap has occurred which should now be closed. and i see the world bank president out there, he's going to help us do it. the american government is committed to help us do it. remember his speech. that may be the most important thing that occurred on this stage this morning. he drops out of school at 15 and does what he has done in the last 18 years and should never have had to leave home a single day to do that. we want to create the african home as a place of opportunities for africans and for those who want to work with them. we should give our panelists, especially our african panelists, a big hand. [applause]

>> president obama also spoke at the forum. following his remarks, he set aboutor interview investment in africa. >> thank you. please, be seated. good afternoon, everybody. mayor bloomberg, thank you. for the great work you are doing across africa to help create jobs and promote public health. thank you ray much for your leadership. i want to thank our other cohost, my great friend and

commerce secretary. i want to welcome our partners join us from africa. let me welcome the delegates. the madamt to welcome chairperson the president of the as welldevelopment bank is the president of the world bank. these give them all a round of applause. [applause] i want to add knowledge members of congress who are here. and who are great champions of africa's engagement with --

america's engagement with africa. on a city that does not agree on much, there is broad bipartisan agreement that is secure, prosperous, and self-reliant africa is in the national interest of the u.s. an owner think the leaders work reading jobs every day to read and our u.s. trade representative michael foreman. and our new head of the millennial challenge corporation . the director of the trade and development agency. of opec.sident and ceo

we are here as part of the leaders summit the largest any american president has ever hosted. perspective that has guided my approach even as africa continues to face enormous challenges. this too me africans into her poverty and conflict, even as we work together to meet those challenges. we cannot lose sight of the new africa that is emerging. we know what makes africa an extraordinary opportunity. it is one of the fastest-growing economies in the world. likeding sectors manufacturing and retail. one of the fastest growing telecommunications markets in the world. reforming,ments are

attracting a record level of foreign investment. and fastestungest growing confidence with young people full of dreams and ambitions. africa, iin south held a town hall from the young men and women across the continent including some who joined us from uganda. one woman said, we are looking equal world for it -- business partners not -- notrily a we want to necessarily eight. we want to own our own markets. what i heard was the desire of africans not just for aid but for trade and development. growactually helps nations empowers africans.

as president, i made it clear the u.s. has determined to be a partner in africa's success. a partner for the long-term. -- we't look to africa don't look to africa for its natural resources. we recognize it for its greatest resources. we don't simply want to extract minerals. we want to build genuine partnerships. then unleash the next era of growth. we have stepped up our efforts across the board. more investments in africa. more trade missions.

and more support for u.s. exports. have exports grown, exporting american jobs. our entire trade with all of equal to still only our trade with brazil, one country. goods, only 1% goes to sub-saharan africa. we have a lot of work to do. we have to do better. much better. i want africans buying more american products. i know you do too and that is why you are here today. pleased that in conjunction with this forum, american

companies are announcing major new deals in africa. best -- willll and invest. coca-cola will partner to bring clean water. ge will help build infrastructure. marriott will build a more hotels. areican companies announcing new deals and clean energy, aviation, and construction worth more than $14 billion. selling more goods with that probably will, made in america. i don't want to sustain this momentum. i want to up our game. today, i'm announcing a series -- we areo take it going to enhance the african

opportunity act. we still do the vast majority of trade with three countries. it is weighted towards the energy sector. we need more africans including women and small and medium-size businesses eating their goods to market. have said congress they want to move forward. can renew andc we modernize for the long-term. we need to get that done. as part of our doing business campaign, we are going to do more to help american companies compete. we will put more of our teams on sendround we are going to more trade missions. new financinging to promote american exports to

africa. i signed an executive order to toate an advisory council make sure we are doing everything we can to do business in africa. i would be remiss if i did not hope -- republicans can help by reauthorizing the import export bank. if i have a ford dealership in the toyota either ship is -- theng financing toyota dealership is providing financing and i am not, we will lose his miss. pretty straightforward. we need to get that reauthorized. [applause] itiness leaders can make clear it is critical to u.s.

business. we want to build the into structure that economies need to flurries. that starts with electricity. year, iwhy last announced initiative -- an initiative to bring electricity to 20 million homes and businesses. we have joined with governments and the private sector. the response has exceeded our projections. it has been overwhelming. projects and negotiations are under way that will put us 80% of the weight towards the goal -- way toward the goal. i'm announcing the u.s. will increase the pledged to $300 million a year for the effort. as of today, new commitments will be announced.

we have now mobilized a total of $26 billion to our africa. africa.wer [laughter] [applause] today we are raising the bar. we are meeting our goal. we have to go up. we are tripling our goals. toing to bring electricity more than 60 million homes and businesses. that can spark growth for decades to come. help africanse to trade with each other. the markets with the greatest potential are often the countries right next door. it should not be harder to export your goods to your neighbor then to export those goods to los angeles or amsterdam. our trade africa

initiative, we will increase investment to help african partners. strengthen regional markets. borders more efficient. we want to get goods moving faster with in africa. . finally, we are doing more to power the next generation of african entrepreneurs. i have toand women say to the heads of state, you would have been proud to meet these young people who exhibit so much talent and energy. with new regional leadership trainingwe will offer for young entrepreneurs.

our annual summit will be held in morocco. next year, it will be held for the first time in sub-saharan africa as we want to make sure all that talent is tapped and the have access to the capital and the networks they need to succeed. if they succeed, the countries in which they need -- living fixing. they will create jobs and growth . it will create opportunity. the bottom line is the u.s. is making a major, long-term investment in africa. commitments total some $33 billion. that will support development and jobs here in the u.s.. thousands of jobs are supported.

as critical as all these investments are, the key to unlocking the next era of growth is not going to be here in the u.s.. it will be in africa. during the summit we will be discussing a range of areas where we will work together areas that are important in their own right. capital is one thing. governance those things matter even more. people should be able to start a business or ship their goods. agricultural development. these things are important. rebuilding a strong health

structure especially for mothers and children is critical. no country can prosper unless it citizens are strong and prosperous. we are going to have to talk about security and peace because the future belongs to those who build. it is very hard to build infrastructure and sustain entrepreneurship in the midst of conflict. i want to close with one example of what trade can help us build. she was born in kenya. she started a small business in california. it started as a small engineering firm. then it started manufacturing

power generators. with the help of import export the started exporting power generators to west africa. in benin, they built a new electric power plant. it was a win-win for everybody. for the company. saless have boosted their which means they have been able to hire more workers in the u.s.. they partner with ge. dd -- ge is doing well. it has been a win for the suppliers. for benin. a win jobs for africans at the power plant. the company hires locally and trains the workers. they hope to keep expanding.

this is example of how one small business. it imagine if we can replicate that across countries. they see our flag, it puts us above the competition. the vision is the same that brings us all here today. a long-term want partnership with africa. she is here. i met her backstage. where is she? up.d she is doing great work. thank you so much. [applause] she is an example of what is possible. a long-term partnership with africa. that is what america offers. that is what we are building. that is the difference we can make. when africans and americans work together. let's follow her lead. let's do more business together borders.down

let's create more and sell more and buy more. i'm confident that we can and when we do, we will not just create the next era of african growth, we will create more jobs for everybody. for people around the world thank you very much. opportunity to speak to this young man. [applause] >> thank you very much. i will start by wishing -- thank you very much. >> did you introduce yourself to everybody? this.anted to jump into

entrepreneur, 21, from zimbabwe. we are liberating the internet for zimbabwe. [applause] >> let me just, this is an example of our young african leaders. the youngest of the young african leaders. if you'rei will say, going to promote your business, you have to let people know. >> definitely. >> just a little tip. you can be shy. -- can't be shy. to delve into a personal experience. as i was saying, we are working in the technology space. working on my third start up.

we came to point in time where we needed to import technology from the u.s. we were engaging in conversation with his misses. the response we got was we cannot do business with you because you are from zimbabwe. i was shocked. this does not make sense. this is the same experience i had with other entrepreneurs. you sit down with potential investors, talk about the hijacked. -- about the project. then i say, i am from zimbabwe. they say it is a good project but we cannot engage in business with you. i understand the sanctions imposed on zimbabwe are

targeted. where weome to a time as young africans are failing to properly engage in business. there has not been the clarity. zimbabwe is believe under sections. how can we as entrepreneurs can effectively develop africa? >> the situation in zimbabwe is unique. the challenge for us in the u.s. has been, how do we balance our desire to help the people of been ae with what has repeated violation of basic democratic practices and human rights in the bubbly. -- zimbabwe. we think it is important to send clear signals about how we

expect elections to be conducted. not, the people of those countries can suffer. you are right it also has to be balanced with making sure whatever structures we put in place with respect to sanctions do not end up punishing the people inside those countries. my immediate point is to make sure we are using the department of commerce and other agencies find out exactly what can be done. that you and a group of entrepreneurs are able to meet with us and propose certain

projects. say, this is to something that will advance the progress for the zimbabwean people. i wouldld suggest -- suggest as we set up a meeting and find out what kinds of things young entrepreneurs want to do. if there is a way we can work with you consistent with the strong message we send about good governance. , ashe point of emphasis young africans, we want to converse with other business entities. if the sanctions are targeted, they shouldn't hamper the business we are trying to engage in. >> let's see if we can refine them further based on some of the things you're talking about. >> there have been a good number

of investments that have been announced here. billionton -- investments. we have talked about how the i believe private -- the private sector has to ratified itself. we have businesses we are hoping to invest in. funding comesthe through the partnerships. youngeath that, we have upcoming entrepreneurs. those who come up with partners and services that disrupt the industry. we want to build products by africans for africans. the investment comes through but does not cascade down to the young entrepreneurs.

businesses form a ceiling we cannot break through. when it comes to investment, unemployment, it is more realistic to assume and understand the probability of 10 is more realistic than one indigenous company employing 100 people. a -- there should be catering for the young entrepreneur. all, for the business leaders who are here, it isfrican and u.s., hard being a start up anywhere. describingt you are is typical of businesses around the world. they don't necessarily want to

share. they don't want to be disrupted. if there is a good opportunity, they would rather do it themselves. if they see a up and coming hot shot they may initially try to andk you or by you out getting financing for a start up is difficult. you hear that from entrepreneurs who are in the u.s.. having said that, what is true about thehink billions of dollars that were to make sure want small businesses, medium-size businesses, women-owned businesses, they have opportunity. my instructions to all of our agencies and hopefully be work we are doing with our partners is how can we identify targets financing for the start up?

how can we identify and link up u.s. companies with small and medium-sized businesses, not just the large businesses? i think you're absolutely right by us trying to spread investment, not narrowly through one or two companies but more fordly, the opportunities success are higher. it also creates a healthy competition. that is true in terms of how we are designing -- for example, our phoebe future program. future program working with 2 million small farmers in africa. may be in heroman 30's. she had a small plot of land. through the program, she has been able to make it nice --

mechanize. double her productivity. she got better prices and was able to increase her profits. off asy what had started a program to increase her income a growing capital for business where she was now hiring people in her area. doing some of the profit -- processing of the grain she grew herself so she could move up the value chain. there are entrepreneurs like that all across africa. sometimes the capital they need is not very large. sometimes it is a modest amount. what i want to do is make sure we are constantly looking out for opportunities to disburse this capital not just barely but broadly.

and i want to make sure they have opportunities to partner with young startups and not just go with the established businesses. there will be solid established companies -- hopefully they have toicies that allow them encourage and grow small businesses as well. >> on that note, i'm glad you had knowledge that. i hope even in these deals in the investment we are talking about, one of the conditions these largehat companies have policies that cascade down to people. you spoke about the lady who was using a smart phone. it is one key issue that is propelling businesses and development. the ability to leverage technology.

it is all about the internet of things. that is why i am working on liberating the internet. this is a huge opportunity in africa as well. there is an issue that has been brought to our attention. saying we want to control the internet. these become challenges for start ups. getwas trying to information from the internet. what is your stance on net neutrality and its effects on growth and development question this is an important issue not just in africa but around the world. the reason the internet is so powerful is because it is open.

and 13.ters are 16 they can access information from anyplace in the world they can learn about a particular discipline. i was not as motivated as they were when i was their age. the world is at their fingertips. what facilities that and has facilitated the value built by google and facebook, so many others -- all the applications you find on your smart phone -- there are not restrictions or barriers to entry for new companies that have a good idea to use this platform to create value. it is very important we maintain that. i know there is a tension in

some countries. their attitude is, we don't necessarily want all this information flowing because it can end up being used as a tool for --itical organizing, as a tool to criticize the government. maybe we would prefer a system more closed. i think that is a self-defeating attitude. over the long term, because of technology, information, knowledge, transparency is inevitable. that is true here in the u.s. and everywhere. what we should be doing is trying to maintain an open internet. wherebyo keep a process any talented person who has an idea can use the internet to

disburse information. there are going to be tensions in terms of monitoring the use of the internet for terrorist that works -- networks or human trafficking. we can do that in ways that are compatible with sustaining an open internet. this raises the broader question i mentioned earlier, which is, -- in somes capital cases, africa needs technical assistance. africa certainly needs access to markets. thing that biggest africa is going to need to potentialen more the that is already there, growth that is already taking place, is laws and regulations and

structures that empower individuals and are not simply designed to control or empower those at the very top. the internet is one example. you've got to have a system and sets of laws that encourage entrepreneurship, but that is also true when it comes to a whole host of issues. it is true when it comes to, how hard is it to get a business permit when a new start up like establish itself? when it comes to power africa, there are billions of dollars floating around the world that are interested in investing in power generation in africa. the countries that they are going to attract -- that are going to attract the investment is where the investor knows if a power plant is built, there are

rules in place better transparent that ensure they are going to get a decent return and that some of the revenue isn't siphoned off in certain ways. that governments set up the right rules, understanding that in the 21st century, the power that drives growth and development in the marketplace involves knowledge, and that can't be controlled, the more successful countries are going to be. >> just to clarify on the issue of the net neutrality -- you are advocating for an open and free , which then has structure to ensure that the platform itself isn't abused. in the unitedity states, one of the issues around

net neutrality is whether you are creating different rates or charges for different content providers. that is the big controversy here. you have big, wealthy media companies who might be willing to pay more but also charge more for more spectrum, more bandwidth on the internet so they can stream movies faster or whatever. , the position my administration, as well as a cut ,- as a number of companies have is, you don't want differentiation and how accessible the internet is to various users. you want to leave it open so that the next google or next facebook can succeed. .here is another problem there are other countries -- i think this is what you were alluding to -- that feel

comfortable with the idea of controlling and censoring internet content in their home countries and setting up rules and laws about what can or cannot be on the internet. onlynk that that is not going to inhibit entrepreneurs who are creating value on the internet. i think it is also going to inhibit the growth of the country generally because closed societies that are not open to new ideas eventually fall behind. eventually, they miss out on the future because they are so locked into trying to maintain the past. >> thank you for the clarity. i think we are out of time. i will ask my final question. when we began, we were alluding to the fact that there -- that you need to separate the political and economic function. in other words, politics should

not get in the way of business. i know it is difficult. the deliverable of the entire summit or whatever it is is that we need to have governments create policies that are conducive. .hat is usually what you get yes,rn, governments say, we promise to come up with this and that. that,stion is, apart from what can we as business leaders, as the private sector, what can -- whatdependently to can we do to create this economic environment that will help us for growth and development? although this isn't always a popular position here in washington these days, the truth is that government really can help set the conditions and

framework for markets to function effectively. it's in part because governments are able to initiate projects like roads and bridges and airports that any individual business would find cost prohibitive. it wouldn't make sense to invest in what is a collective good. it isn't going to help your bottom line if everyone else is using it. part of the function of government is to educate the population so you have the well-trained workforce. it is hard for companies to invest in doing that by themselves. there are certain common goods like maintaining clean air and clean water and making sure that if you have capital markets, that they are well regulated so that they are trustworthy, and small investors and large investors know that if they invest in a stock, that they are not being cheated. there are a whole host of

functions that government has to play. but in the end, what drives innovation typically is not what happens in government. it is what is happening in companies. what we found in the united states is that companies, once they've got the basic rules, and ,hey've got the basic platform they are able to create value and innovation and cultures that .ncourage growth i think african entrepreneurs are going to be the trendsetters for determining how societies think about themselves and ultimately how governments think about these issues. the truth of the matter is that if you have big, successful companies, or you have widespread entrepreneurship, and you have a growing middle-class,

and practices have been established in terms of fair dealing and treating your workers properly, extending opportunity to smaller contractors, promoting women, making sure women are paid like , suddenly what happens is businesses create new norms and new sensibilities. governments often times will respond. africa, what i would like to see more and more of is partnerships between american businesses, between african businesses. some of the incredible cultures of some of our u.s. businesses that do a really good job promoting people and maintaining a meritocracy and treating women and then treating people

of different races and faiths and sexual orientations fairly and making sure that they are are typical norms of how you deal with people and contracts and with respect to legal constraints -- all of those things, i think, can take root in a country like zimbabwe or any other country. hopefully, governments are encouraging that, not inhibiting that. they recognized that that is how the world as a whole is increasingly moving in that direction, and over time, you an africa that is driven by individual entrepreneurs and private organizations, and governments will be responsive to their demands. i want toe one thing make sure people understand is, it's not an either-or issue.

government has a critical role to play. the marketplace has a critical role to play. nonprofit organizations have a critical role to play. the goal and the orientation constantly should be, how do we empower individuals to work together? if we are empowering young people like you all across africa, if we have a 21-year-old who has already started three businesses, we've got to figure out how to invest in him, how to make it easier for him to succeed. if you succeed, you are going to be hiring a bunch of people, and they in turn will succeed. that has been the recipe for growth in the 20th century, 21st century, and i'm confident that africa is well on its way. america just wants to make sure we are helpful in that process. i know all of the u.s. companies that are here, that is their goal, as well. africainterested in

because we know that if africa thrives and succeeds, and if you've got a bunch of entrepreneurs, they are going to need supplies from us may be, or they may supply us with outstanding products. they are going to have a growing middle class that wants to buy or applications from us. in turn, they may provide us with services, and we can be distributors for something invented in africa. all of us grow at the same time. that is our goal. i'm confident that we can make it happen. this summit has been a great start. i want to thank you for doing a great job moderating. i want to thank all of years here -- all of the leaders here. there has been great energy, great enthusiasm. i know a lot of business has gotten done. if any of you are interested in investing in this young man, let him know. thank you, guys.

[laughter] [applause] [captioning performed by national captioning institute] [applause] >> more from the u.s.-africa business for him. we will hear from vice president joe biden and secretary of state john kerry. then a panel discussion with the presidents of south africa, tanzania, senegal, rwanda, and tunisia. >> ladies and gentlemen, please welcome the vice president of the united states, joe biden. ♪ >> good afternoon, everyone. you must be tired by now. butably your 412 speaker, i'm flattered that i was invited. i want to welcome visiting heads of state, the ministers from

almost every country in africa, members of the diplomatic corps. members of congress, entrepreneurs, investors from across africa and the united states. cohost,o recognize our a very good friend of mine, a great guy, the former mayor of new york city, michael bloomberg , whose commitment to developing -- [indiscernible] his commitment to the great potential of africa is matched only by his vision for that development. champion of american business, our united states secretary of commerce penny pritzker. africa, i you from would recommend, get to know her. there are two things you should know about her. one, she is secretary of commerce, and two, she is smarter than you. it took me a while to figure that out, about 10 seconds, but she knows of what she speaks.

she is excited to be cohosting this, as well. i don't have to tell folks assembled in this room that africa is emerging. emerging as a continent of just incredible, youthful energy and limitless promise. fueled by ais population whose median age is less than 20 years of age. i think the population of africa shares president obama's view do not see the countries and peoples of africa as a world apart. icf recut as a fundamental part i see africaet -- as a fundamental part of an interconnected world." growing last year with a gdp of more than $2.5 trillion, 90 million african households have

household incomes that exceed $5,000 a year. exports have quadrupled since the year 2000. more wealth has been created in the last 10 years than any previous decade in history. i had an opportunity to meet with the president of south africa today, and i made a bit of a joke. investmentking about not only in south africa but around the entire continent, and i said, i started my career as a 30-year-old kid trying to get businesses to disinvest in south africa, and now i'm busting my neck to get them to invest. [laughter] that is the mark of the progress we've made, folks. it is a completely different paradigm. it's good. america is excited about the prospect of africa because two incredibles resources, an overwhelming

abundance of natural resources and the resources of its people. people and its natural resources weren't significant investment and development. i would like to focus just for a moment on the people. as i said when i spoke yesterday at the africans of society meeting, the people of africa and their leaders are attempting to tackle the establishment of sound political and economic institutions, the creation of wealth that reaches beyond the elite to provide people with economic opportunity throughout the continent, including women and girls, the forging of peace in some countries still torn apart, protection of the health of your citizens. you all know the great talent that exists in africa. turning that talent into a greater capability requires

significant commitment and significant investment. andfrica's governance institutions can put its people in command -- in positions commensurate with their possibilities, the sky is the limit. it is limitless. there is no reason the nation of africa cannot and should not join the ranks of the world's most prosperous nations in the near, in the decades ahead. there is simply no reason. as we look to the future to try to help realize that vision, the -- when is no longer got here as a young senator on the foreign relations committee, the question was asked, what can we do for africa? that is no longer the question. it is, what can we do with africa, not, what can we do for africa? what can we do together? i mean that.

the president means it, as well. i believe there is a significant opportunity for the united states and africa to do more to benefit both of our peoples. this is america's economic self-interest. $50 billion in u.s. exports to quarterlready support a of a million american jobs right here in the united states. spendingonsumers are $1.3 trillion, and that is projected to double by the year 2030. at the same time, the african growth and opportunity act has allowed more than 6400 african products to reach american customers duty-free, supporting african jobs and industries ranging from vehicles to such levels -- to vegetables.

nonoil exports from sub-saharan africa to the united states have almost quadrupled. trade andeason why investment between the united states and africa should not double or triple or even quadruple in the decades ahead. to get there, each of us has a whole lot of work to do, and no one knows that other than the people, particularly the heads of state, sitting in this audience. to start, american businesses have to show up. my dad used to say to me as a young man, he said, gently, half of winning is just showing up. showcan businesses have to up, and they are showing up. they are doing it in greater and greater numbers, to compete alongside indian, chinese, and european companies for trade and investment. it is sort of stamped into our dna. we like to compete. we welcome the competition.

it's not just how much we trade and investment matters. it is how we do it. but thelways do better, united states is proud of the extent to which our investment in africa goes hand-in-hand with our efforts to hire and train locals, to foster economic development, not just to extract what is in the ground, to protect human rights, labor rights, protect the environment, to create new opportunities for women and girls. a famous columnist and the united states says, women are half of the sky. to win contracts and friends on the merits, not through kickbacks or bribes. this can be hard when others cut corners, but we believe it is absolutely worth it, not only to help growth but also to ingrain

a set of rules of the road that are fair and decent to all competitors. -- we are building ties that have to last. promotingrity we are is prosperity we can sustain together if we do it correctly at the front end. the united states government has a great deal of work to do, as well, to help realize the full promise of this moment. you will hear about that from many other u.s. officials, particularly one that will be following me in an hour and a half or so, the president of the united states. we are working with the united states congress to renew agowa before it expires next year. we are working to connect more african companies with u.s. businesses.

the united states is providing more direct support to make trade and investment easier. our export import bank financed a record one point $7 billion and exports to africa over the past 10 years. we should do more. the overseas private investment has financedopec, nearly $3 billion in projects across africa under president obama. opec dollar invested by has sparked, on average, $2.60 in additional private sector investment. u.s. trade and development agencies are funding over 100 projects expected to generate over one billion dollars in u.s. exports while building on the infrastructure of sub-saharan africa. in each of these areas, president obama will announce very shortly significant new initiatives. we are also focused on energy. , need not tell this audience

two thirds of africans still regularly go without electricity. if we can help you power africa, that will empower the people of africa to grow their economies. that is why under president obama's leadership, as he will discuss later today, the united states is helping to mobilize private investment and offer financing to help americans provide for -- to help africans provide for yourselves. clean, affordable, abundant electricity, which is badly needed. today, the united states will sign a 500 million dollar millennium challenge corporation contact with donna to strengthen its energy sector. let me give you an example of u.s. efforts to help our africa. week, the u.s. export-import bank authorized the loan guarantee to support at a powerinancing

plant on the ivory coast. the country is just emerging from a civil war. the commercial banks weren't ready to offer long-term financing, but america stepped up to fill the gap by guaranteeing a loan for the west african development bank. theo doing, we are helping facility to upgrade to increase its output by nearly 50%. american jobs, manufacturing steam turbines, are in bangor, maine and new york. it is a project expected to increase the overall supply of africa -- of electricity and the ivory coast by as much as 15% and create one of the most efficient power plants in west africa. as much as we hope to accomplish in partnership with you, we also know that nothing will work

consequential to africa's future than the steps nations take to empower your people to make the most of their talents. obvious,, to state the no two countries in africa or anywhere else are the same. no two countries will do it the same way. there are certain common ingredients to success in the 21st century that have become self-evident. a need for greater economic integration, a court system that adjudicates disputes fairly, a commitment to invest in all of a society's people and respect their rights, because countries that respect his citizens equal rights, no matter what their gender or religion, no matter who they love, tend to be the attractive for attracting international talent and investment. it is just simply good business.

rules that level the playing field for private companies. it is good business. regulations that make it easier to start businesses. today, there is genuine success, a number of stories that can be pointed to. business start up costs have fallen nearly 70%. the time to start new business has been cut in half. it is no surprise that 400,000 new companies worldwide have registered last year to do business in africa. that is a big deal. [applause] when the world bank ranked the 50 most improved countries with respect to efficient business , 20 ofions, 20 of them the 50 were in africa, including

the most improved environment in the world, rwanda. we all know there is a great at deal more to do, but we all know the way to get it done -- it is hard, but we know the path. we know that in the unforgiving daylight of the global economy, investments can and will go elsewhere when it sees excessive regulation, a broken judiciary, or widespread corruption. there is a reason why, mr. mayor and madame secretary, after , the united states of america is once again the destination of all the major companies in the world, considered the best environment in the world to invest. we have a court system that israel. it works. corruption is at a minimum. i think what we underestimate the most, and i think all the

leaders know it, is corruption is a cancer. it is not just ethically wrong. it is economically crippling. measures, illicit financial flows out of africa in recent decades including corruption measure in the hundreds of billions of dollars. some studies have estimated over $1 trillion. is a global problem. it is not an african problem. it is present everywhere, from the ukraine to east asia to even here in the united states, and we have to take it on together. that is why president obama helped launch the open wherement partnership eight african nations, the united states, and 55 other nations act together on a common commitment to more open, transparent, and accountable institutions. that is why america is doing its part to ensure our legal and financial systems cannot be

exploited to launder the proceeds of corruption and theft from africa. this includes new proposals from president obama to prevent the use of anonymous u.s.-registered companies. that is why we've joined 23 african countries in the extractive industries transparency initiative. that is a mouthful, but there is a lot there. africa's natural wealth should not be stolen and repatriated under the cover of darkness. peopleld enrich africa's under the rule of law. house as in the white the white house optimist. i feel very good about that, because when they say that, they imply i'm the new guy. i've been there longer than all of them. but i'm more optimistic today

than i was when i got elected as a 29-year-old kid. the promise and potential around the world, particularly in africa, is immense. it is immense. africa's economic future is profound. i'm optimistic about my own country. traveled aboute one million miles since being vice president, and i don't think there is a major leader in the world i haven't met over the years.w i'm reminded by some world leaders what i've told them in the past, and i will say it never,- it is never, ever been a good bet to bet against america. it has never, ever been a good bet to bet against america. america is betting on africa. and the reality are

just tantalizing. the possibilities are immense. we are betting on each other, africa on america and america on africa, and what we can accomplish together will be to the enormous benefit of our people. if you'll forgive me, by quoting one of my -- john kerry, who you are to hear from next, we'll tell you my colleagues always kidney because i'm quoting irish coeds -- they think it's because i'm irish. it's not the reason. i quote them because they are the best poets in the world. [laughter] one of my favorite contemporary irish poets who just passed away, shamus heeney, once wrote

-- "history says, don't hope on but side of the grave, then, once-in-a-lifetime, that tidal wave of justice rises up, and hope and history rhyme." we have a chance, you have a africa to make hope and history rhyme in a way that has never occurred before. we want to be your partners. we want to compete for your business. we want to compete for your hearts and your interests. we want to see you succeed. when you succeed, the entire world succeeds. thank you for giving me the time. i look forward to meeting you all. [applause]

>> ladies and gentlemen, please welcome secretary of state of the united states, the honorable john f. kerry. >> good afternoon, everybody. i've had a chance to be able to say a few words to a number of ,ou at a few different events but i appreciate this chance to be part of this forum. i want to thank the vice president who has been a friend of mine for 35-40 years. i thank him for his contribution of conscious and commitment to africa he has made for as long as he has been in public life. senate, we work hand-in-hand on darfur were,

far, and as the vice president said, he has traveled far and wide, but especially as vice president, to south africa, kenya, ghana to help build transparent and accountable institutions and to help lift millions of people out of poverty. i want to especially thank michael bloomberg. philanthropy sponsoring this event. michael's contribution to africa comes not just in the form of this summit, but through his latest commitment of $10 million that he made just this february 2 african countries to build media capacity with a business focus and to promote reliability and reporting, educational opportunities, and the transparency that the vice president just talked about that markets need in order to give capital confidence and in order to grow. finally, i want to thank penny

pritzker, my partner, a fellow member of the president's cabinet. she has been a terrific partner in our endeavors to make certain that people understand that in this globalized world, in the transformative societies we are , that economics is not divorced from foreign policy. it is foreign policy. foreign policy is economic policy. hand,bsolutely go hand in and we are working very closely to marry the efforts of the commerce department and the state department in order to assist companies and to work for american business, but also to work for the countries we terms of their interests and their visions and aspirations. penny spent 30 years building a business empire, literally. she understands that the is atments in africa

two-way street, and when we help a nation stand on their own two feet, we create opportunity elsewhere in the world. everybody benefits as a result of that. my singular responsibility and privilege it is to represent the united states of america and our diplomacy -- in our diplomacy. i get to wear the hat of the top diplomat of the state department . it is a privilege. i want to say something to you today that is not just from the business perspective but which comes from the wearing of that hat, which is a reflection of the people that i see in the countries i visit, the leaders i meet and talk with him a the aspirations that i hear, and the first-hand opportunity i get to sink my teeth into other people's culture, other people's club -- history, and see the world as they see it, even see

america as they see it. understands that we are living in a very different world from two years ago, from five years ago, 10 years ago, and certainly, from the world that emerged after the fall of the berlin wall at the end of the cold war. forces have been released everywhere. they have changed everything because of their own ideology in many cases, or in some cases, just outlook on the world, but also because other things have changed. i said with a number of young diplomats in the state department not so long ago. one of them recently minted from college and a foreign service this new world of technology -- she made a profound observation to me which has had an impact on my thinking about power and how it works.

he said, a world where power used to be defined exclusively in hierarchies is now a world where power is defined in networks. in much of africa and across the networked world, it is evident -- we heard the statistics earlier, the number of people who have cell phones in africa today -- everybody shares everything with everybody all time. the fact is that that changes politics. it changes the crosscurrents of decision-making. it changes how political leaders can or can't build consensus in order to try to make decisions and bring their people along with them as they make those decisions. it also obviously changes business, something that bloomberg has understood way ahead of the curve, which is why

they've been so successful. it changes hopes and dreams and and every political leader and every business needs to be tuned into that reality, no matter how hard some powerful leader of a country might desire , no one can put this genie back in the bottle and change what is happening. that, we face a very common challenge. all of us together. some 700, there are million people under the age of .0, a staggering youth the fact is that all of them , with their them increasing awareness of this world we live in, are desperate for opportunity, yes, but also

respect.ty and for on the other side, we all know too well there are extremists, too many radical religious extremists, who distort theology, religion, and even ideology. they are prepared to seduce these young people in a very calculated and disciplined way to lure them into what is nothing less than a dead-end. we have seen the instability that this creates, all of us, and what is important is that none of them, none of those extremists, they don't offer an education that helps a young person gain a skill. they don't help anybody to be able to compete. they have not one idea about a health system. they don't build infrastructure. they don't tell you how to build a nation. they don't talk about how they

will provide jobs or offer a vision for the future. they are stuck in the past. their challenge is modernity. because of it, it is our challenge too. there's something else about those extremists. it reflects a little bit on what the vice president just said to you. it is not just the lack of jobs and opportunity that gives them their opening and recruitment tools. they are just as content to cede corruption and oligarchy and club talk or see and -- k leptocracy. like economic growth on paper, but that is another way they can seize on frustration and exploit the sense of lack of opportunity and that is the anger of .ummoning people

there is another target that they can turn to. they are the swing voters, in a sense, in the struggles against extremism. my friends, that is our challenge. it isn't just to come here and do business. that is important obviously. that is the economic you to the future. we have to do business to grow the jobs, provide the skills, provide the tax base to be able to do the things we want to do. we have to come together, all of us, with a unified vision and purpose so we can present this growing number of young people in africa and across the world --h a viable alternative quality education with skills for the modern world and with jobs that allow them to build a and havehave a family confidence in their countries. together have the greatest ability of any people

on the planet to provide this opportunity. economics that creates a sustainable growth and shared prosperity. it is also this larger vision of what life is about and why there is a greater purpose than just living to work. you have to work to live. there has to be a living that is worth it. we know beyond any doubt that the places -- this is a polite summary of and experience here in america where we do not profess to have all the answers, nor would we suggest you that ours is the only track -- but one thing we have learned is that in the places where people are free not just to develop an idea but to debate different ideas, to have not just a job but the promise of entrepreneurship and innovation, to be able to transform the best

ideas into reality and into a business and a future -- those are the societies that absolutely are the most successful and stable on our planet. this success is not a mystery. it is not something that is hard to achieve if you make the right choices. it is possible for all of africa. that is how one can choose to have an africa that is not defined any longer, as it has not been for these last 10-15 years, defined by conflict. less and less. it becomes an africa that is defined by rights and by capacity, by dignity, respect, and opportunity. opportunity is something that shabab and and al- many other groups will never, ever provide. when the united states is home to some of the most innovative and well known and respected companies in the world, and when

africa is already home to some of the fastest-growing economies in the world and new leadership that is anxious to grab the future, we have to do more together. we have to partner, which is the theme of this conference -- to invest in the next generation. to create good jobs for young africans. to build a stronger middle class. to provide families with clean power and clean water. to build societies were an open exchange of ideas and information are the defining hallmark. business is not just business for the sake of business. i think all of you know that. at least not for most of the thoughtful business people here and in our country. it is for providing the foundation for people to be able to live their lives with that opportunity, dignity, and respect. i don't have to remind anybody here that nelson mandela, one of the greatest leaders the world has seen of all time, did not

spend 27 years in jail so that he could get out and run a business -- with no disrespect to anybody here. in hisit so that people country would have an opportunity to live up to an ideal. he did it for rights, human rights. they are the foundation of any civilized society. those rights across the continent are best given meaning and strong countries with strong economies where prosperity is shared by a strong middle class. i close by just saying, there is absolutely no question in my mind, from the excitement we felt yesterday at the first meeting, to the energy we felt and all of your presence here and the meetings and discussions thus far -- all of this is not just possible. it is the future. we have to make the right choices about skills and education and opportunities, and

that will define the u.s.-africa partnership. if we work together, if everybody gets this right, this meeting and this moment and the n literallyof us ca become a pivotal, defining moment for our future history and for the world. thank you all very much. [applause] ladies and gentlemen, please welcome to the stage the president of the republic of rwanda. [applause] the president of the republic of senegal. [applause] the president of the republic of south africa. [applause] the president of the republic of tunisia. [applause] the president of the united republic of tanzania.

[applause] and our moderator, coanchor, cbs "this morning," anchor and executive editor, mr. charlie rose. [applause] >> thank you very much. in the days of this summit that it is historic. you just heard the vice president and secretary of state talk about its significance, that it can change things, that it is a summit that is historic. you have also heard that this is africa's moment, that this 21st century is africa's century. you know that a lot of people not just in the united states are paying attention. as we hear from people in the west who want to talk about africa's moment and africa's potential and africa as a partner, what we hope to hear this afternoon is from africans

who lead their countries and difficult times. talk about the economy, security, education, infrastructure, governance, but also talk about their own vision and how they see effort to -- how they see africa. i want to start the discussion about where they see where africa is, what they expect, what they need, and what they would like to see done. i will begin, and we will go down the row, because they don't speak with the same voice, obviously. they have different issues and different problems, but we are talking about a continent. inant to hear from them terms of the significance of this conference and what you expect, what you need, and how you see what you've been hearing here. would you reflect on that for me?

this conference is significant in the sense that it is the first of its kind, the first-ever u.s.-africa summit bringing all of our leaders together, africa and u.s. leadership. the u.s. has relations with all of the countries gathered here, political, diplomatic. we have received development assistance from them. a meeting that brings together the u.s. government and the u.s. private sector, this is something unique. we have a lot of expectations. from --to move not only not only a relationship between

a donor and recipient, but we want to move to the next level now of investment and trade. can complement this. many of us have been visiting the united states, doing roadshows in many towns, ums, talking to u.s. businessmen, and we have not been as successful. the president of the united states, the vice president, the secretary of state, the secretary of commerce, encouraging the u.s. business community to take africa seriously -- i think this time we will make it. [applause] >> of course, i think that our

states, we are extremely interested in promoting a relationship with the united states, with the american business community. want to solve some of our social and economic problems, we badly need the support of the united states and the american business community. i must say also that we have to learn from history. let me try to imagine the ofblem from the perspective african women, african citizens. for them, it is very important that there is an improvement in trade between the united states and africa and so forth, but i think what is most important for those citizens is to improve the quality of their life, to get

better services, have education, and so forth. sometimes, having a business community doesn't mean automatically that their life would improve. what we'vein africa seen in many other countries -- the widening gap between the rich and poor. more and more pollution. we have to keep this in mind and improving the business climate, improving the that isand so forth, not enough for african citizens. this is the main lesson we have to learn from history and from the experience of other countries. we have to link social development, political deponent, and economic development.

otherwise, we are going to make the same errors that have been made elsewhere. improve thef we do fate of hundreds of millions of people, it is important. fromessons we have to grow -- really, we have to link social justice, political development, democracy and human rights, and fighting against corruption, and then the economic development -- if we don't link those three factors, what we are going to have is another situation leading to another crisis, leading to another crisis, and it will never end. [applause] i want to thank you very much for the opportunity.

believe that this coming together is going to help enhance the relations between the united states and africa. it will certainly consolidate what is there as a relationship. i think this opportunity for us, is anican leaders, opportunity to interact firstly with the government and secondly community inness the united states. that is very important. i also think it came at the africa is, inn fact, organizing itself better in terms of how it

is looking at itself economically, how it is developing necessary things like infrastructure, how it is the trade itself, within africa, which puts it in a better position. also, it came at an opportune agoa, when, as you know, which has been the very clear instrument for our relationship, has less than one year to you lapse -- elapse. we have an opportunity to deal with those issues. agoant the extension of so that we will have a better kind of relationship. have an experience we can

discuss better. what do we need to do to better consolidate and enhance our relations? it is an opportunity that came at an opportune time. i'm sure when we end, we will be to appeal to our nations. [applause] >> thank you very much. i will speak in french. -- sorry, you will need to [laughter] i would like to very seriously tell you how much i appreciate the initiative of president meeting call for this

between africa and the united states. it is an historical opportunity, which should allow us to confirm the change of perspective towards a vision of africa. i'm going to give you an example. in magazine "the economist," -- 2000, its headline was you had a young guy with a kalashnikov -- he said "africa at work." "the hopeless continent." 10 years later, the same magazine "the economist" had a title about a growth in africa, and it said, "a lion a cage." thetitle was "uncaging lion."

this image within 10 years shows you how africa has changed. modify this must perception here. the business community in the united states would feel more at ease, more confident in order to work with the african private sector, first of all, in africa. africa is a huge continent. there is room for everybody. americans, europeans, chinese, you name it. everyone has their place in africa. it is a continent over 30 million square kilometers. everything has to be made -- roads, railways. there is both an opportunity for africa and the rest of the world. africa must no longer be seen as humanitarian emergency or diseases, for instance.

even if right now we have a terrible epidemic of ebola. these things will need to be treated. the world must be optimistic towards africa. africa is opportunity. this is the perception we wanted to share with you, a land of opportunity where growth could be shared. earlier on i was following the speech made by vice president biden. he said the american investment on the continent creates employment in the u.s., it benefits american growth. that is what he said. it is within this win-win partnership that we africans have come to meet our american brothers from which we were separated for so long, but we will talk about that later, the separation concept, the