Remarks at Inaugural Meeting of the President’s Advisory Council on Doing Business in Africa.

Good morning. Thank you, Dominic and Karen, for your leadership. And thank you all for joining us today for the first meeting of the President’s Advisory Council on Doing Business in Africa.

Our gathering today is part of the Administration’s effort to write the next paragraphs in what President Obama called a “new chapter in U.S.-Africa relations.”

Our meeting is intended to build on what was started at the historic U.S.-Africa Business Forum last August – when U.S. firms announced more than $14 billion worth of investments in African markets.

We want to see that kind of economic engagement continue, which is why I was honored that the President asked me to establish this Council – to ensure that the private sector’s perspective is factored into our policy making.

Your strategic recommendations will help us align our government’s activities with your business’ priorities, in order to increase trade and create jobs in the United States and across Africa.

All of us in this room recognize Africa’s vast economic potential. The job of this Council is to advise the Department of Commerce and the Obama Administration on how to expand trade and investment opportunities for U.S. firms in Africa and create opportunities for African companies that want to do business in America.

The goal is to facilitate closer ties between the United States and the 54 distinct nations of Africa. To meet this charge, the Council has focused on 4 key areas.

First is mobilizing capital. Robust capital markets are essential for any nation to attract long-term investment. The Council is particularly focused on strengthening capital markets in Africa.

On this front, the Commerce Department will soon launch an investor road show to provide U.S. financial firms and exporters with the opportunity to hear directly from African governments about their investment climates and specific infrastructure projects and to assess and address real market risks.

This road show is still in the planning stages, and we are asking for help to make this project as effective and useful as possible. We are interested in your thoughts on creating and maintaining an effective online investor toolkit – which will help U.S. businesses know and can identify African partners and viable projects. The government and private sector need to partner to provide expertise and technical assistance to African countries as they develop and strengthen their capital markets.

Second is improving supply chain efficiency. Ensuring quick and easy movement of imports and exports can help reduce cost, increase efficiency of trade, and boost government revenues. The Department of Commerce has already initiated a public-private sector dialogue focused on best practices in strengthening supply chains in East Africa.

But we need your guidance, in particular, on the development of a reliable cold chain infrastructure. Developing an integrated cold chain is key for African countries to grow, compete, and attract investments – not only in agribusiness, but also in retail, franchising, and pharmaceuticals. Making progress on this issue will create opportunities for American companies in everything from food processing to warehousing to transportation.

Third is infrastructure. American companies have experience and expertise in developing infrastructure. Yet at the Commerce Department, we have heard repeatedly from U.S. companies about the challenge of competing on a level playing field with foreign firms to win major infrastructure projects. Your recommendation to create a U.S.-Africa Infrastructure Center to identify, vet, and prioritize African infrastructure projects is a great start and will help change the dynamic.

I also commend you for elevating the often-overlooked issue of health care infrastructure development. Moving forward, I would love this Council to consider how the U.S. government as a whole can support our companies as they compete for infrastructure and other investments across Africa.

Finally, I want to touch on the issue of improving the perception of doing business on the continent. There are many misperceptions. Companies often lack the market intelligence needed to fully commit to opportunities in Africa.

The Department of Commerce has solutions. We have data. We have market expertise. And we have great people. Our Foreign Commercial Service has a full range of tools and services at your disposal, including staff on the ground to help U.S. companies succeed in Africa. We would like your ideas on how to get the word out.