Economic Statecraft: Embracing Africa's Market Potential: Hearing Before the United States Senate Committee on Foreign Relations, Subcommittee on African Affairs, One Hundred Twelfth Congress, Second Session, June 28, 2012 [open pdf - 335KB]
This testimony compilation is from the June 28, 2012 hearing, "Economic Statecraft: Embracing Africa's Market Potential," before the U.S. Senate Committee on Foreign Relations, Subcommittee on African Affairs. From the opening statement of Johnnie Carson: "The U.S. government is committed to expanding trade and investment in sub-Saharan Africa and the numbers show our commitment. U.S. trade to and from Africa has grown significantly in the past ten years. U.S. exports to sub-Saharan Africa tripled from just under $7 billion U.S. dollars in 2001 to over $21 billion dollars in 2011. It is my firm belief that Africa represents the next global economic frontier. Sub-Saharan Africa continues to weather the global economic crisis more successfully than other regions, and is home to six -- and soon to be seven -- of the ten fastest growing economies in the world. A recent McKinsey study documented that Africa offers the highest rate of return on foreign investment of any developing region and has for some years now. Consumer spending continues to rise, and 43 percent of Africans currently have discretionary income or could be considered middle class consumers. And a growing middle class is a market for American products -- from ipads to Pampers to Caterpillar tractors which increase crop yields to GE turbines which create additional hours of on-grid electricity to Boeing airliners which facilitate African countries' growing links with each other and with other continents. However, we can do more." Statements, letters, and materials submitted for the record include those of the following: Johnnie Carson, Christopher A. Coons, Earl Gast, and Florizelle Liser.
U.S. Senate Committee on Foreign Relations: http://www.foreign.senate.gov/