"The world chose to speed things up leaving Africa as mere spectators to global economy. This pledge is a game changer, it will wake the largely untapped sleeping giant that is Africa," remarked one economist about the recent assertion US government made regarding its investment for Africa.
"This coming Tuesday, the second day of the First US-African Leaders Summit, President Obama is scheduled to announce the US government's commitment to pour in $14 billion worth of investments in Africa," a White House official said.
This investment will be allocated to major industries like construction, banking information technology, as well as clean energy, the official added.
For several years now, continuing economic ties between Africa and the U.S. were set aside due to the latter's deeper engagement in other pressing issues.
Seeing the need to restore and catalyze economic activity between two nations, the U.S. government is determined to "be a good partner, an equal partner, and partner for a long term," Obama said in an interview.
Political analysts, meanwhile, think there is more than what meets the eye. "China has been engaging in $200 billion annual trade with Africa for many years now," one analyst said.
For its part, the United States was able to commit to only half of what China has been doing. Thus, analysts said, "Strengthening its involvement in Africa might encourage African nations to consider US support." This could extend from mere diplomatic support to economic and military as well, the analyst added.
In recent years, the U.S. government has been vocal about the urgency to uplift Africa and reduce poverty in the region. Nowadays, Africa is gradually emerging to become a key player in global economy.
China, a key global economic force recognizes Africa's potential. For the United States to fully tap into Africa's economy, Obama has to "show that his administration is serious about partnering with Africa," one media report noted.
