Business
American companies seek to invest in African Electricity Generation
In Tanzania, Fitzgerald says a U.S. firm operating an off-grid, renewable energy program has helped create 1,000 jobs for people growing sugar cane and bamboo to fuel the plant. He says there is great interest in using that same technology in Nigeria and Ghana.
But for all the interest U.S. investors have about Africa, Fitzgerald says there must continue to be progress on lowering trade barriers to create a positive business climate.
“The American companies that are going to invest in Africa need to make a reasonable rate of return,” he said. “They are not doing it for development.”
Fitzgerald says U.S. foreign direct investment (FDI) in Africa has grown from about US$14 billion in 2006 to nearly US$25 billion in 2010.
Total U.S. trade with Africa last year was about US$83 billion. That is behind the European Union’s US$150 billion and China’s US$90 billion in total trade.
Source: voanews
