Welcoming remarks by Michael Bloomberg at the U.S Africa Business forum

Ladies and gentlemen, please welcome founder of Bloomberg LP and Bloomberg Philanthropies and 108th mayor of New York City, The Honorable Michael R. Bloomberg.

Well, good morning everyone. I don't hear you. Good morning! Good. And thank you for joining all of us. I did want to especially thank President Obama and Commerce Secretary Penny Pritzker for teaming up with our foundation, Bloomberg Philanthropies, to host this groundbreaking event. With over 200 corporations and 50 African countries represented here, this gathering really does represent a new approach to economic development in Africa and a new moment in US-African relations. Since the dawn of Africa's independence movement, America's relationship with the continent has centered on foreign aid and the work of international institutions, particularly the World Bank and the UN. That part of our relationship still is vitally important, but Africa has now developed into a global economic force, and so our relationship must evolve and mature. And that is the purpose of this forum: to recast our relationship as a full, equal, and advanced economic partnership, a partnership that holds as much promise for African countries as it does for America. We have the people in this room to make that partnership a success. So to start off the morning, I would like to invite all of you to take a few seconds to introduce yourself to the person next to you or someone you have not met yet.

Well, we can go on with this. This is doing exactly what we want to do. As we all know, whether it's in our families or our businesses or our countries, relationships are what matters. And that's the whole idea here today: to get to know each other, to develop contacts, and to show our mutual respect one for another. Thank you. Clearly there's a lot to talk about, and there will be more opportunities to continue our conversations. There is so much to discuss because Africa is today's biggest market opportunity in the global economy. And if you think I'm kidding, just look at the numbers. Africa is expected to reach a 5% overall growth rate in 2015. It boasts six of the world's 10 fastest-growing economies. It registered more than 400,000 new companies in the last year alone, and its middle class or consumer class is the fastest growing in the world. The fact is, Africa is no longer emerging; it is here now. As Africa begins a new stage in its journey, we in America want to walk by its side, but we also realize that we have some catching up to do. Foreign investment in Africa has reached record highs, but the United States is being driven more by its own domestic policies, and we are letting Europe and China go faster than the US. And while our exports to the continent are at a record high, it's also true that only 2% of our total exports go to Africa. And that means that we're missing out on a major opportunity to create jobs here at home in America. There is a disconnect between the reality of the African market and the perception of the African market, and this conference is aimed at fixing that. Countries and companies that ignore the African market do so at their own peril, and that will become increasingly true with each passing year. The business that I own, Bloomberg LP, has offices in six countries in Africa, eight cities, employing more than 160 people, including more than 120 full-time and freelance journalists, and we are growing there. In fact, the first business trip that I took after leaving office in January was to South Africa to help expand our offices both in Cape Town and Johannesburg. While I was there, we also launched a $10 million training program to increase financial reporting on the continent and help make African markets more transparent. We work closely with African financial institutions, private companies, and central bankers to help them maximize efficiency, mitigate risk, and increase capital flows. And that not only helps the local financial markets, it also helps attract more foreign investment. My foundation has also been investing in Africa for years. We didn't just start helping Africa; we've been doing it for a long time, because the research is clear that perhaps the best single investment you can make to spur economic development is to improve public health. In Zambia, for instance, we're working to stop the spread of malaria. In Tanzania, Senegal, Uganda, and Burkina Faso, we're helping to prevent maternal deaths. And in 34 countries, we're fighting to reduce the deadly scourge of tobacco use. All of those efforts are saving lives and also supporting economic development, because the healthier a society is, the more productive it is and the greater its potential for growth. We're also working to create jobs through training programs in Rwanda and the Democratic Republic of Congo. President Paul Kagame of Rwanda and President Joseph Kabila of the Democratic Republic of the Congo are both here today, and both have been leaders in promoting sustainable farming. And to support that work, we provide the resources and training to help women create independent coffee farming businesses. More than 108,000 women have benefited from this program so far, and if you had a cup of coffee this morning, you are benefiting from it too. Now, if you didn't get much sleep last night, have a second cup. In the decades ahead, I don't think there's any limit to the progress that Africa can make. Imagine for a moment an African labor force that will surpass India's and triple the size of Europe's. Imagine an Africa where extreme poverty as we know it is virtually eliminated, where a consumer class with rising incomes has greater purchasing power, where broadband access stretches from Cairo to Cape Town and all points in between, where climate change policies that protect Africa's coastal cities and farmlands go hand in hand with economic growth, and where people from around the world want to live and work to experience Africa's natural beauty, diverse cultures, and tolerant societies. That is the Africa that Africans want for their children and their children's children, and it's the Africa that all of us can help bring to life if we seize the moment. Based on the incredible energy in this room, I've never been more optimistic about Africa's future, and I know that President Obama and Secretary Pritzker feel the same way. The secretary deserves an enormous amount of credit for her leadership in pulling this conference together, and it is now my pleasure to turn the floor over to her. Secretary Pritzker.