think is slowing down a lot of manufacturing investment that might otherwise come. what do you think we ought to do about that and what can this conference do to help implemento?r. thank you. i add my thanks. dow does not have fight a pedigree as ge. many decades of south africa's for process that big walmart, like dow, and ge also have to face the continent's philosophies and practices beyond governance and that governments, how to address poverty. there is still a high that is expanding but leaving people behind. income inequality, youth employment in general is the issue of most developing

nations. the solution we have been things into, like all you have mentioned, designing an economy used to be thought of as a bad thing. making industrial policy and all that. i've been trying very hard in my travels in emerging nations to use singapore, thailand, a few other countries that have andnced their economies generations get. you will not have to go through the learning curve that the u.s. and industrialized nations of a hundred years ago. you can avoid the pollution and create supply chains. instead of being a raw material exporter, which is where you start first, american companies are the type that we, especially , we bring value chains, training, and technology through local partnerships. we preferred the local partial model. i am australia, i had a vision

of doing it in asia. we have 86 joint ventures around the world. this whole notion of going local and then creating clusters around advanced manufacturing needs to be brought to a nationstate. if it never creates regional clusters, so be it. within countries of size, like maybe kenya and the kenyan government, to do that. how would you approach designing a economy so that you can take advantage of the most important resources you have. you have agriculture and you have to bring that into the modern century. how about your people? how can you organize yourself so the infrastructure gets dealt with the precious capital you raise? if you build it, they will come. they are building it in momb asa, a free-trade zone, and a port. cannot solve it overnight. this is a generational move.

you have to have the training programs. dow people in ethiopia training students. i think these partnership models -- this is for africa by africans. going local as fast as you can means reversed training. the great american enterprise has figured out how to go local by bringing value chains and creating jobs. you cannot do what we used to do. petrochemicals, basic industries. that's not enough. you have to figure your way through advanced economy developments. like how do i create an aviation supply chain, like morocco has done. they have a huge aerospace industry. there is a whole supply chain that goes with aerospace that they have been able to build and

employ people. we call it in advanced manufacturing plan. that partnership model, business, government, civil side, working with schools is the only way forward. africa can generation skip if they do this faster than previous countries. >> to follow up on that one of the great opportunities the african leaders and business leaders have here is to add to value of their own natural resources before they leave the country, before they leave the region before they leave the , continent. we need american investment funds, there are several representatives here, and lots who are not here who are interested in africa, to look at this value added proposition. 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 at fair trade prices, but they were just coffee beans. once we could roast the coffee and marketed to the world, it made a huge difference and they made so much more money. all of which they used to reinvest in their businesses, protect topsoil, do all the things you're talking about. same thing with soybean processing. the opportunities there with would surprise a lot of people who do business in africa, but not in a value added chair. there are lots of opportunities. >> one example, the example of cassava. cassava is the crop of choice in africa. they're not very good at producing cassava. you can increase the supply chain in africa. we are doing work in nigeria to replace wheat flour in bread with cassava. suddenly, there is bred for

africa based on their crops that cuts out a lot of crops. you can put it in your stores. this is the sort of supply chain point you are making with coffee 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. i want to go next, it has been interesting to me to watch your emergence. not from being a person who may who made a lot of money in a traditional industry to someone who is thinking about where you want africa to be in 5, 10, or 20 years from now. we were talking about nigeria before we came out 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 if you're going to build a continental model because there are more people there than anywhere else. tell us what you want potential american investors to know. what you need the most. what you think you and your fellow africans should do to help build more partnerships. >> thank you, mr. president. first of all it is great to be here. i think there is quite a lot to be done. this forum will help bring in people in terms of africans and americans together to know ourselves. if you don't know yourself, you i'm not going to do any

business. we have been partnering a lot of american companies. a couple of them have archaic 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%. on average in the last decade. it means when you look at the future, the future is there. continue, mr. president, to grow at 5.5% -- the 5.5% growth is without power. power -- when i say there is no power, you look at a country like lady area maybe were they have 20 maker outs of -- 20 megawatts of power.

in nigeria where i come from, we are sharing 32 megawatts of power. there is no power there. we have been struggling because of the massive series of transformations. in terms of the macro, micro, political stability has been there for some time. there is a little bit of issues here and there. we are growing. if you continue to grow, even like this, the projection is in the next 36 years, 2050, at 5.5%, africa will end up with a $15 trillion gdp. it is a great story. we are growing rapidly. there is a lot of perceived risk. the majority of people do not

know the story. they have not been there. you said something, africa is 54 countries. some people believe it is like one state. somebody like me, i need about 37 visas to move around in africa. -- hemebody coming from needs 78% of these is to get around -- needs visas to go to 78% of countries. if ge goes to nigeria, there should be free movement of goods and services. either -- not even within the region, but within the continent itself. we have looked at this.

we've realized there is quite a a lot of opportunities in terms of investment. the opportunities attract a lot of countries. most of the companies are eager to go to africa and invest. the only thing that they do not have our partners who really know africa to invest with. most of this -- a lot of american companies have zero down on one or two companies. of which to partner with. i would like to announce for us, group, we have two major partnerships. one which is the biggest, the partnership with dangote and blackstone. we have signed an mou, to be announced today investing $5

, billion jointly in power infrastructure and infrastructure across sub-saharan africa. [applause] with this, we will close the gap. there is a lot of gap. we know about the gap. we are going to be very serious and aggressive. the two organizations will really make it work. the second one we have, $1 billion to invest in petroleum refining. i grew culture. agriculturelture -- and financial services. we took 10% of the africa fund. $50 million. raised $720they -- eventually,k

they raised $720 million. 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 two or three countries where we do business development work for the clinton foundation and our partners there. africa still has a lot of inequality in terms of economic opportunity and options. like all places city to country.

, the one thing that has spread like wildfire his cell phone technology. which is why you have as many as 23% of the people having a bank account. because of the cell phone technology. potentially you could have two thirds of the people banking just from their phones. which is essentially what we are doing in haiti today. to some extent, at least based on my experience, we have to have some power source to preserve medical tests when we try to build health clinics in rural areas. we need a combination if we want to accelerate growth and make it even, of centralized power off the grid and distributed power

through solar, wind, and biomass. what is your take on that? energy andthe development minister of any african country with a substantial rural population, would you pursue a dual strategy? what are the implications of for investment funds and american companies wanting to do business there. >> i would say you need both. you have a hundred gigawatt deficit of electricity in africa. it is pervasive. i think the grid is not going to be invested in quickly enough. i would advocate leading with distributed power. you have to solve the gas availability issue. you start with fuel. you have countries with hydro capability. hydro should be a real option.

you have countries that have natural gas. the issue should be to get the natural gas priced the right way so you can put it back in the system. get some pipeline or rail infrastructure to do distributed power. you have countries like you have -- you have countries like kenya and tanzania where wind power could be applicable. the sun shines mostly everywhere, but distributed solar is not going to solve africa's challenges. thatld take the countries can do gas, dugas. 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 distributed solar programs. it is going to take a multitude of different things. every government in this room should have a transparent energy policy.

you should have a transparent financial scheme. trader -- is a book what are -- whether it is a book trader agreement there is a , right way and a wrong way to do it. things that can be localized here you are going to have to localize some gas turbine technology. you can localize a lot of wind power. not only are you solving and infrastructure issue, you also saw a job issue. i start with the fuels and then go to the 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. >> andrew and doug, you want to comment? >> i do.

this is a passion of mine and jeff's as well. 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 it right. one thing that countries and regions can do is start at the efficiency and 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. affordable energy for these e qua non is the sinww issue. you are not going to get all the things that we want from competitiveness and job creation unless it is affordable. start with the btu you never use. national building standards. generation-skipping in terms of smart city design. work out your traffic patterns and logistics. we waste 40% of the energy we use in this country through bad

buildings and lack of national building codes. if you can in fact intervene at the use level and work your way back into the fuel sources. and you are fortunate enough to have natural gas, the cleanest fuel you can burn. then use that domestically before you export it for one-time gain. or if you export it, bring the money back and use it wisely rather than a get diffuse away. this is an all above energy energy. >> before we go on to doug, in his former life, mayor bloomberg -- at the end of his term was the chairman of a group called the c40 of big cities devoted to greater energy efficiency and sustainability through clean energy in urban areas. the clinton foundation was the basically technical implementer

for a lot of this. there are a lot of african cities that are now in our coalition that are getting efficient bus rapid transit, that are trying to close landfills and use energy sources, do recycling. and are working up and down the line to get more out of what is there. it is no longer people thinking this is some touchy-feely offbeat irrelevant issue. i think it is something that deserves more attention, perhaps later in the day in the other panels. i don't there is a big company in america that has tried to do more on the sustainability issue than walmart. what do you think about this? is this an opportunity for creating energy through sustainability? >> can i connect a dot? between your point around investment and the business opportunity in africa with distributed energy. we are in pursuit of renewable energy everywhere we operate around the world. we use a lot of on-site solar,

hydro and wind in mexico. africa seems like a place for investments to accelerate this process, do some generation-skipping. what new equipment can do today compared to what old equipment used to require in terms of energy is dramatically different. lot ofve visited a stores in africa and seen what our competition is doing and what we are doing, there is a lot of waste in the system. new money could generate not only more efficiency but a tremendous return. there is some investment opportunity there. >> the other 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. and then having looked at that, we need to have countries focus on energy sources that make more

sense to them. if you look at gas, it is not necessarily the answer to every country. for instance, gas is not easily available in south africa. but is available in nigeria. you need to look at fuel sources that are available and make the most out of those. if i look at it from a south african perspective, i would say we need to use the coal we have but also look at renewable sources. which our government has already introduced. that is already being done. renewable energy, looking at the 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. making sure that we have not been having it in a manner that is investor friendly. >> you want the last word? >> yes, mr. president. believe weafrica, i

can generate power from various sources. in some countries, they have all. in nigeria, we have hydro and coal and gas. have we manager, we have 263 trillion cubic feet of potential gas reserves and we are not even using one billion cubic feet of gas. there is quite an upside there and we can do quite a lot. i think we need to pay a lot of attention to power. that is really the base. if we want to have increasing growth, most of the small and medium enterprises are not going to work unless we have power. not baking for jeff for ge -- >> feel free.

>> i think it is something we need to do. secondly, our interaction it is very critical. between africa and the u.s. i believe is very important and paramount to extend and a new ex-im banks. today, 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. label component in manufacturing is not much. american equipment is competitive. if that is not renewed, there >>l be a bit of an issue first of all, we are having a vigorous agreement, i find it amazing. .conomics is not theology

economics 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 believe it is important to extend agoa. and to improve it. i think we can do agoa 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 extended. we ought to think about 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 finance,e said about

infrastructure, energy, that presumably will be said later. but i hope that everybody who is here because you are interested is now morenvolved 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. before we came out, i heard the story. i thought, a lot of people who and driven out of uganda

the amazing stories so many of them had made, it reinforced something we shouldn't forget here. intelligence, trains, and the willingness to work are evenly distributed throughout the world. investment opportunities and systems 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 , he'sent kim out there going to help us do it. that may be the most important all morning.curred -- the guy 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] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2014] for over 35 years, c-span brings public affairs announced from washington directly to you. putting you in the room at congressional hearings, why has offense, briefings, and conferences. and offering complete, gavel-to-gavel coverage of the u.s. house as a public service of private industry. c-span, created 35 years ago and brought to you as a public service by your local cable or satellite provider. watch is in hd, like us on facebook, and follow us on twitter. .

melissa harrison of the natural resources defense action fund will discuss the water shut down. later, as part of our spotlight on magazine series kevin williamson of the national review on his recent article

about whether congress shut reauthorize the export-import bank. you can join the conversation on facebook and twitter. good morning, everyone on this wednesday, august 6th. president obama at the first africa summit announced $33 billion in new economic partnerships between u.s. companies and african countries, about 100 u.s. countries were represented at tuesday's event. the summit continues today with discussion on african businesses and politics as well as social issues. the president will close the summit with a news conference. look for coverage on c-span. we'll begin here today on the "washington journal" with your thoughts on the southern border, whether president obama should act alone on the issue. republicans (202) 585-3881,