WEBVTT

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The ladies and gentlemen please.Welcome the vice president of

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the United States. Joe. Biden.

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And Good afternoon everyone youmust be a a a Tart right now

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and probably your 400 toss speaker.

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And a lot and flatteredwas I was in gravy.

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Uh oh.

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I wanna lock and the visiting headsof state to ministers to

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from almost every country in africamembers of the roddick core.

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And uh members of congress ontougher norris investors to.

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From across africa ended tuesday.So I wanna recognize our co-host

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out a very good friend one. Greatguy a former new york city

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michael Bloomberg was a commitmentto developing the great. He is.

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I Whose.

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Are great Britain show of africais matched only by his vision.

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For that to develop.

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And a great champion of American businessour new non state sector commerce.

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A protester.

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For all of you are from africa.I would recommend get to know

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her there's two things you shouldknow about it when she's a

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sector commerce into she's smarterthan you a off I to me while

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a figure that out that about 10 secondsand that which she knows

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of which she speaks and a she'sexcited to be are Co hosting

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uses what.

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I have to tell a folks assemblersramona where these lights I

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can see you uh that uhafrica is a marchy.

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Uh one of a word to you as a condomjust incredibly useful energy

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and limitless clumps.

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That energy is fueled by a populationwhose median age is less

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than 20 years of a.

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And I think.

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The population of africa shares presidentsobama's view. Li said

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mike quote.

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I do not see the countries and peoplesof africa as a world apart.

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I see africa as a fundamental partof women are connected world.

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Growing at nearly 5% last yearwith the GT P of more than two

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point five trillion dollars.

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Ninety and African households havehousehold incomes that exceed

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$5,000 year.

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Exports have quadrupled sincethe year two thousand.

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More Wall has been created.

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In the last 10 years than anyprevious decade in history.

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I had an opportunity to meet withthe prayers of south africa

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day and I.

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Made a bit of a joke or a we'retalking about investment not

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only is ah that run aroundthe entire continent.

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And mr. Mayor I said I startedmy career as a 30 year old key

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to windy good businesses soondish invest in south africa.

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And now are boston my necktogether and best up.

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So that some marking the progress.We've made your folks. I mean

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it's a completely differentright now.

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And is good.

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A man carrot alive is excited aboutthe prospects of africa because

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africa present and possessionsto incredible resource.

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On overwhelming abundanceof natural resources.

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And a resource finish of its people.

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And both.

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Boasts his people and he's not toresourced warrant significant

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investment and development.

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Unlike the focus jesse for a moment.

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And the people.

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As I said when I spoke your said theAfrican civil society medium.

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The people of African their leadersup are tempting to tackle

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the establishment of sound politicaland economic institutions

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the creation of well that reachesbeyond the elites to provide

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people with economic opportunityto route.

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The Lake comment includingwomen and girls.

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For gina of peace and some countriesstill torn apart.

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Protection of the health of yourcitizens in the You all you

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all know the great talentedthe juice in africa.

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But turning that talent evenon a greater capability.

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Requires significant commitment.

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And significant investment.

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One of Africa's governments and institutions.

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Can put is people want position commensuratewith their possibilities.

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The sky's the limit. I meanthat it is one of us.

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There's no regions of nation of africa.

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Cannot and should not.

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Join the ranks of the world's mostprosperous nations in the

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near term in the decades yet.There's has simply no reason.

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As we look to the future.

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To try to help relies said division.

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The question is no longer.

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One I got here is a young man isa young center of the foreign

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relations committee. The questionalways was asked what can we

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do for africa.

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Ash no longer. The question.

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It's what can we do with the africanovel we could do for africa.

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What can we do together.

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What we do to get.

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And I mean that.

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The president.

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Betsy as well.

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I believe there's a significantopportunity for United States

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in africa to do more thatbenefit both are cute.

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This is so uh america is toeconomic self interest.

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Fifty 50 billion-dollar.

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In us exports to africa already supporta quarter million American

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jobs right here in United States.

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Africa African consumers are spendingno one point three trillion. Dollar.

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And that's projected to doublebuddy are 20 thirty.

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But to sign time.

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Ago all of the African growth andopportunity act has allowed

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more than 6400 African products to reachAmerican customers duty-free.

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Supporting African johson industry'sre-teach from the ranging

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from vehicles to vegetables.

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Just 2000 and ten.

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No one all acts Torch from she'llshare in africa to nine States

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have almost quadruple.

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I see no reason why this is nothyperbole I see no reason why.

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Trading session june United Statesin africa should not double

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or triple or even quadruple.

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The decade to hat.

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But to get their each of ish asa whole lot of work to do in

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no one knows that the and the peopleto compete head to state

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sitting this audience.

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To star.

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American businesseshave to show up.

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My dad used to say to me Izzy onmanny. She joy half a winning

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is just showing up.

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American businesses have to showup and they are showing.

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And they're doing even greaterin greater numbers to compete

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alongside indian chineseyour appease call us.

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For African trade investment.

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The sort of standing orDNA we like to compete.

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We welcome the competition.

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But because it's not just how muchwe trade investment matters

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is how we do it.

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We can always do better.

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But the United States is proud.

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Of the extent to which our investmentin africa goes hand in

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hand with our efforts tohire and train locals.

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To foster economic developmentand not just to extract what's

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in the ground.

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To protect human rights labor rightsand protect the environment.

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Create new opportunitiesfor women and girls.

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A famous calmes cheering UnitedStates says women are half of

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the sky.

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They are passed the sky.

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In the when. Contracts.

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Than friends and the bearish not throughkick backs or brought fish.

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This can be hard.

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One others cut corners.

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We believe is actually worth it.

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Not only to help roles.

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But also to agree.

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A set of rules of the row.

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That are fair indecent tall competitor.

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Because times we're building ourties that have to last the roles

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were dancing or rules thatwill benefit us all.

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And the priced 30 we're promoting thisprosperity we can sustain together.

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If we do it correctly at the front.

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The highest ace government.

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Has a great deal ofwork to do is well.

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Help realize the full promiseof this moment.

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And you'll hear about that.

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For many of the U.S.

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officials. Pretty can we won thewe file one leonardo have for

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sell voyages slut.

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The prayers in the United States.

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We're working with the United Statescongress to renew a go.

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Before it expires next year.

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Or working become more air for cancompanies with American business.

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And then I stay says all per alsoproviding more direct support.

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To make trade and investmenteasy or export import bank.

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Financed a record one point sevenbillion dollars in exports

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to africa over the past 10 years.

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We should do more.

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The overseas private investmentcorporation OPEC.

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Has financed nearly three billion dollarsin projects across africa.

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Under present obama.

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And every dollar invested by OPEC hassparked on every jp $2 and 60 cents.

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In additional private sector debts.

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You're trading devote a juicy is phonenumber 100 projects expected

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to generate over one billion dollarsand you ash exports.

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While building up the infrastructurepumps of southern africa.

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You need to these areas presentobama Wall mounts very shortly

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significant new initiative.

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We're also focused on energy.

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I mean bad tell this audience twothirds of Africans still rarely

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go without electricity.

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If we get help you power africa.

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That will empower the people of africato grow there are common should.

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That's why.

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Under pressure obama's leadership.

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As he will discuss later today theUnited States is help we mobilize

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private investment.

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Offer finding issued trouble americansprovide down for on this

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issue would help Africansprovide for yourself.

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Clean affordable and of on electricity.

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Which is badly needed.

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Today. The United States will signa 500 million dollar millennium

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challenge corporation contact withgone to strengthen the standard

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its energy sector.

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The big human example over youapproach the helped power for

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to look like in practice.

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Last week the us export import bankauthorized to long guarantee

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to support long term financeunit has even.

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The power plant on the Ivory coast.

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The country is just emerging froma civil war the commercial

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banks were ready to offer longterm foreign she on america's

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stepped up to fill the gap by guaranteein a long for the west

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for the west African development.

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Through so don't worry.

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We are helping uh has a goat upgradethat to that facility to

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increases output by nearly 50 percent.

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Or jocks manifacturing steam turbinesfor export are from disconnect

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the the new art combined. We'reready to Birkin job.

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This is one project an expectedincrease in overall supply of

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this one project will increase showall raw supplied electricity.

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Ivory coast fires much is 50 percent.

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Creek one most efficient powerplants in west africa.

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Has what Jews we hope to accomplishin partnership with.

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We also know that Nazi war more consequentialabout Africa's future.

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In the steps nations taketo on power your people.

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To make the most of their talents.

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Of course.

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The state the abuse no two countriesin africa or any where else

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are the same.

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No two countries willdo it the same way.

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But there are certain common agree usea success in the 20 first century.

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That of become self evident.

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The need for greater economic integration.

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A court system.

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That in june a case disputesof or what.

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A commitment.

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To invest in all of thosesocieties people.

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And respect their rights.

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Because countries in respect tothis is a core were urged.

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No matter what their gender religion.No matter what they love

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tend to be the most attractive internationalthe most attractive

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to attracting international talent.

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And international mass.

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This could this that's.

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Issues simply good. Business.

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Roles that level the playing fieldfor private company which

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is good business.

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Regulations that make it easierto start business.

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To darryl there's genuine successon number of stories to can

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be pointing to.

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Business start ups cost an Africanfallen nearly 70% startup

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costs to resume their talks70% jes says 2000 seven.

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The time to start new businessesbeen cut in. Half.

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Is no surprise then.

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That 400 thousand new companies worldwide.

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Have registered last yearto do business in africa.

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That's a big deal.

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One. Glowing the fit the most improvedcountries should respect

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was to shoot business regulationsto 40 out there.

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Won T of the fifty.

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Were in africa.

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Including hosting.

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The most improved environmentand a war. I'll roll one.

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We all know there's a great dealmore work to do but we don't

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know the weighty get it down.

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It's hard but we know.

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The pac.

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We know that in the on free gamingday light of the global economy.

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Investors can and will go elsewhere.When it's sees excessive regulation.

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Are broken judiciary.

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Or widespread corruption.

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There's a raise a wide mr.Mary and Madam said today.

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After years.

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On yahoo station americans once again.

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The destination of all the major companiesin the world considered

15:20.430 --> 15:22.920
the best in barman the world to invest.

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Because riddick cords systemwhich real it works.

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Correct to used anonymousenergy cost of. Several.

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I think what we underestimate themost and I think the leaders

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or not.

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Is corruption.

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Is a can't she.

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It's not just Ethically Wall.

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It's economically crippling.

15:47.050 --> 15:48.210
By some measures.

15:48.770 --> 15:52.310
Others are financial is a financialflows out of africa in recent

15:52.310 --> 15:56.470
decades including corruption measurein the hundreds of billions

15:56.470 --> 15:56.960
of dollars.

15:58.370 --> 16:00.480
Some studies estimateover trillion a.

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Corruption is a global prop wasfrom an African problem.

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It's present everywhere.

16:07.220 --> 16:11.400
From the ukraine to the station to younot even here in the United States.

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And we have to take it on together.

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That's why president obama help wantsthe open government partnership.

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For eight African nations the UnitedStates and 55 other nations

16:24.110 --> 16:28.500
act together on a common commitmentto more open transparent

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and accountable. Institutions.

16:31.430 --> 16:34.160
And that's why america is doingits part to ensure our legal

16:34.160 --> 16:39.040
and financial systems canape eachlorry too long or the proceeds

16:39.490 --> 16:42.240
of corruption and theft from africa.

16:43.340 --> 16:47.180
This includes no proposal frompress mobileme prevent the use

16:47.180 --> 16:50.210
of an anonymous us registeredshell company.

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That's why we've joined 23 Africancountries in the extracted

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industry's transparency indish. That's I'm awful.

17:00.090 --> 17:01.090
But there's a lot there.

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Because Africa's natural wealth shouldnot be stolen and repatriated

17:07.670 --> 17:09.360
under the cover of darkness.

17:10.070 --> 17:11.170
It should in the rich.

17:12.130 --> 17:13.180
Africa's people.

17:13.750 --> 17:15.110
Under the rule all.

17:17.360 --> 17:20.850
I'm known as a merrill italian thewhite House's the white house

17:20.850 --> 17:21.610
pop them just.

17:22.790 --> 17:25.950
I feel very good about that becausewhen you say that in implies

17:25.950 --> 17:28.630
and knew that that I haven'tbeen around a lot.

17:29.580 --> 17:31.050
And and a longer than all.

17:31.910 --> 17:36.200
But I'm more optimistic today thanI have one my gone lectures

17:36.200 --> 17:38.720
in 29 year old kid isUnited States on.

17:40.060 --> 17:41.690
Because the promise of attention.

17:42.530 --> 17:44.380
Round the world practically in africa.

17:44.940 --> 17:46.110
Is and manage.

17:46.720 --> 17:48.240
It is from rich.

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In Africa's economic future.

17:51.920 --> 17:52.520
His performance.

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I'm optimistic about my own country.

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You know I have a travel abouta million miles justice being

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vice president.

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And I don't think there's a majorleader in the world. I haven't

18:06.290 --> 18:10.470
met over the last 30 years just becausemy job and mike. Consequence.

18:12.090 --> 18:15.530
And I'm reminded by some worldleaders when I told him in the

18:15.530 --> 18:16.930
past and I say began.

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It's never never ever been a goodbit to bet against america.

18:23.210 --> 18:25.630
In his never ever van. Agreed that.

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The venue has to Mac.

18:28.750 --> 18:31.490
And American is that he in on afrc.

18:32.550 --> 18:33.530
The idea of.

18:34.230 --> 18:35.020
The I D.

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And the reality.

18:38.410 --> 18:40.400
Archie asked to tantalizing.

18:41.220 --> 18:43.190
The possibilities are match.

18:44.000 --> 18:46.420
We're betting on each other African.

18:46.970 --> 18:48.740
On American American africa.

18:49.460 --> 18:51.050
And what we can accomplish together.

18:51.680 --> 18:54.240
For the enormous benefit of our people.

18:56.180 --> 19:00.120
I you know I won and if you'reforgiven a bike quoting one of

19:00.120 --> 19:01.880
my favorite. Poets.

19:03.710 --> 19:07.510
John kerry the new year from maxto tell you my colleagues always

19:07.510 --> 19:11.470
kid me because I'm always corey irishpolyps. They think I quote

19:11.500 --> 19:13.520
irish college because our marc rich.

19:14.310 --> 19:15.280
That's not the reason.

19:16.940 --> 19:19.000
I quote them because ofthe best coaching or.

19:19.910 --> 19:20.300
That's. Why.

19:24.010 --> 19:25.040
One of my favorite.

19:25.990 --> 19:28.290
Contemporary quote shejust passed away.

19:29.360 --> 19:31.310
Seamus heaney won true.

19:32.150 --> 19:34.850
They're not poem coalthat shirt troy.

19:36.220 --> 19:37.980
He said history says.

19:38.970 --> 19:39.660
Go home.

19:40.190 --> 19:42.250
And this side of the gravy.

19:43.990 --> 19:47.130
But then Once spent a lifetime.

19:48.180 --> 19:50.430
That tidal wave of justice.

19:51.060 --> 19:51.920
Rice's up.

19:52.670 --> 19:53.260
And hold.

19:54.150 --> 19:55.900
And history. Rack.

19:58.990 --> 20:01.870
We have achieved whichyou have a chance.

20:02.870 --> 20:04.550
You have a chance in africa.

20:05.330 --> 20:11.290
To may call and history ron in a waythat has never occurred before.

20:12.320 --> 20:13.750
We wanna be your partners.

20:14.610 --> 20:15.580
We wanna compete.

20:16.700 --> 20:19.940
For your business for me to competefor your heart's in your interest.

20:21.230 --> 20:22.520
We wanna see six he.

20:23.320 --> 20:24.550
Museum use sixty.

20:25.380 --> 20:26.810
The entire world sixty.

20:27.680 --> 20:30.070
Thank you for their can readthe time. I look for me..

