IVORY COAST: UNITED STATES COMMERCE SECRETARY RON BROWN BEGINS TOUR OF FIVE AFRICAN COUNTRIES WITH TWO-DAY VISIT TO IVORY COAST

Record ID: 183385

  • Title: IVORY COAST: UNITED STATES COMMERCE SECRETARY RON BROWN BEGINS TOUR OF FIVE AFRICAN COUNTRIES WITH TWO-DAY VISIT TO IVORY COAST
  • Date: 18th February 1996
  • Summary: ABIDJAN, IVORY COAST (FEBRUARY 18-19, 1996) (FEBRUARY 18, 1996) 1. WVS/GV/CU PLANE CARRYING UNITED STATES COMMERCE SECRETARY RON BROWN TAXIING/ OFFICIALS WAITING/ FEDERAL AVIATION ADMINISTRATION LOGO (5 SHOTS) 0.51 2. MVS BROWN OUT OF PLANE, GREETED BY OFFICIALS, WALKS TO AIRPORT BUILDINGS (2 SHOTS) 1.26 3. MV BROWN ENTERS ROOM, SHAKES HANDS WITH PRESIDENT OF THE AFRICAN DEVELOPMENT BANK, OMAR KABBAJ, THEY SIT DOWN 2.00 4. GV ZOOM IN CU BROWN AND KABBAJ SEATED CHATTING 2.10 5. GVS BUSINESS AND GOVERNMENT REPRESENTATIVES AT ROUND TABLE MEETING, BROWN AND IVORIAN PRIME MINISTER DANIEL KABLAN DUNCAN ENTER AND SIT DOWN (2 SHOTS) 2.31 6. GV MEETING 2.37 7. CU BROWN ADDRESSING MEETING, ASKING MEMBERS OF HIS DELEGATION TO STAND, PAN TO DELEGATES STANDING TO APPLAUSE FROM IVORY COAST REPRESENTATIVES 3.10 8. CU BROWN SAYING AMERICA INTENDS TO COMPETE IN THE AFRICAN MARKET (ENGLISH) 3.47 9. CU IVORIAN PRIME MINISTE DANIAL KABLAN DUNCAN LISTENING 3.55 10. GV INTERNATIONAL FLAGS 3.59 11. CU DUNCAN ADDRESSING MEETING SAYING SINCE INDEPENDENCE THE IVORY COAST HAS BASED ITS DEVELOPMENT STRATEGY ON THE PROMOTION OF PRIVATE INVESTMENT (ENGLISH) 4.24 12. GV DELEGATES APPLAUDING 4.27 13. MV DUNCAN SHAKING HANDS WITH DELEGATES 4.33 14. MV BROWN SHAKING HANDS WITH DELEGATES 4.47 15. TOP VIEWS ABIDJAN (2 SHOTS) 5.03 16. WV PAN U.S.-IVORIAN JOINT AGROBUSINESS FISHERIES PROJECT 5.20 17. GV BROWN ARRIVING, GREETED BY PROJECT WORKERS (3 SHOTS) 5.58 18. MVS CHILDREN CLAPPING, BAND PLAYING (2 SHOTS) 6.19 19. GVS BROWN, ESCORTED BY PROJECT WORKERS, TOURING FISHERIES PROJECT (5 SHOTS) 7.11 20. CU PAN FROM FISH IN NET TO BROWN AND OFFICIALS LOOKING ON 7.36 21. MV BROWN SHAKING HANDS WITH ELDERS 7.47 22. GVS BROWN'S MOTORCADE LEAVES (2 SHOTS) 8.09 23. GV BANNER OVER DUAL CARRIAGEWAY WELCOMING BROWN TO IVORY COAST 8.20 24. GVS TRAFFIC ON MOTORWAY (2 SHOTS) 0.09 25. MV WOMEN CARRYING CONTAINERS ON THEIR HEADS WALKING ALONG MOTORWAY 9.43 (FEBRUARY 19, 1996) 26. GV PAN FROM STREET TO EXTERIOR ABIDJAN STOCK EXCHANGE 10.01 27. CU STOCK EXCHANGE SIGN 10.05 28. GVS BUS STOCK OUTSIDE STOCK EXCHANGE, PEOPLE GET OUT AND WALK PAST STOCK EXCHANGE ENTRANCE (2 SHOTS) 10.54 29. GV/MV BROWN'S CAR ARRIVES AT STOCK EXCHANGE, BROWN OUT OF CAR, GREETED BY DIRECTOR OF STOCK EXCHANGE LEON NAKA, PRESENTED WITH FLOWERS (3 SHOTS) 11.41 20. MV BROWN, NAKA AND OFFICIALS POSE FOR PHOTOGRAPHERS AT ENTRANCE TO STOCK EXCHANGE 11.45 21. MV PAN INTERIOR, NAKA WELCOMES BROWN (FRENCH), BROWN AND OFFICIALS LISTENING 12.00 22. CU CUTAWAY OFFICIAL 12.05 23. MV BROWN PRESSES OPENING BELL TO APPLAUSE, SAYS HE IS VERY HONOURED TO BE AT THE STOCK EXCHANGE (ENGLISH) 12.25 24. CU CUTAWAY OFFICIAL 12.30 25. CU BROWN SAYING HE MADE THE MISTAKE OF NOT INVESTING IN ABIDJAN STOCK EXCHANGE AT THE BEGINNING OF 1995 (ENGLISH) 12.51 26. MV BROWN AND OFFICIALS SITTING DOWN TO WATCH THE STOCK EXCHANGE AT WORK 13.08 27. MVS TRADERS DEMONSTRATING EXCHANGE AT WORK (2 SHOTS) 13.59 28. GV BROWN AND OFFICIALS LOOKING ON 14.11 29. MV/GV HELICOPTER CARRYING BROWN ARRIVING AT AIRPORT (2 SHOTS) 15.03 30. GV OFFICIALS AND BROWN OUT OF HELICOPTER 15.17 31. GV BROWN SEATED WITH REUTERS TELEVISION JOUNALIST CORINNE VIGNIEL 15.22 32. CU BROWN TALKING ABOUT INVESTING IN AFRICA (ENGLISH) 15.58 33. GV BROWN WALKS ACROSS TARMAC TO PLANE 16.14 34. MVS BROWN SHAKES HANDS WITH OFFICIALS, WALKS UP PLANE STEPS, TURNS AND WAVES, ENTERS PLANE (2 SHOTS) 17.05 35. GV ZOOM IN MV PLANE DOOR CLOSES 17.24 36. GV PLANE TAXIING 17.43 37. WV PLANE TAKES OFF 18.22 TRANSCRIPT SEQUENCE 7, BROWN: "WE HAVE BROUGHT WITH US WHAT I CONSIDER TO BE A VERY DISTINGUISHED DELEGATION WHICH I BELIEVE ALSO SPEAKS FOR THE IMPORTANCE WHICH THE UNITED STATES ATTACHES TO THIS MISSION AND I WOULD LIKE ALL THE MEMBERS OF OUR DELEGATION, BOTH THE PUBLIC SECTOR AND PRIVATE SECTOR MEMBERS, TO STAND AND BE RECOGNISED, ALL THE MEMBERS OF THE DELEGATION, BUSINESS LEADERS, GOVERNMENT LEADERS ....." TRANSCRIPT SEQUECNE 8, BROWN: "WE HOPE TO SEND A CLEAR AND UNEQUIVOCAL SIGNAL THAT THE DAYS OF THE UNITED STATES CONCEDING THE AFRICAN MARKET PLACE TO OUR EUROPEAN FRIENDS OR TO ANYONE ELSE ARE OVER. WE INTEND TO BE HERE, WE INTEND TO COMPETE IN THE AREA OF TRADE, INVESTMENT AND COMMERCE. WE BELIEVE THAT THAT'S GOOD FOR AMERICA AND IT'S GOOD FOR AFRICA. IT'S GOOD FOR AFRICAN CONSUMERS AND IT'S GOOD FOR AFRICAN NATIONS. THAT KIND OF COMPETITION WE BELIEVE WILL CREATE LOWER PRICES FOR CONSUMERS, CREATE HIGHER QUALITY FOR CONSUMERS, WILL CREATE GREATER CHOICE FOR CONSUMERS." TRANSCRIPT SEQUENCE 11, DUNCAN: "OUR COUNTRY, COTE D'IVOIRE, A TRADITIONAL NATION, A LIBERAL ECONOMY OPEN TO THE OUTSIDE WORLD, FULLY ADHERES TO THIS IMPORTANT TREND. SINCE ITS ATTAINMENT OF INDEPENDENCE COTE D'IVOIRE HAS BASED THE DEVELOPMENT STRATEGY ON PROMOTION OF PRIVATE INVESTMENTS." TRANSCRIPT SEQUENCE 25, BROWN: "I HAVE MADE ONE MAJOR MISTAKE OVER THE LAST YEAR AND THAT WAS NOT INVESTING THROUGH THE ABIDJAN STOCK EXCHANGE AT THE BEGINNING OF 1995 BECAUSE YOU HAD A 65% GROWTH RATE FOR 1995, AND ALL THOSE WHO INVESTED HERE DID VERY WELL." TRANSCRIPT SEQUENCE 32, BROWN: "IT'S AN INICIATIVE THAT WE HAVE BEEN PURSUING SINCE THE BEGINNING OF THE CLINTON ADMINISTRATION, WHEN I WAS MADE SECRETARY OF COMMERCE, I DETERMINED THAT I WANTED TO GIVE AFRICA SOME PRIORITY. AFRICA HAS BEEN TOO LONG IGNORED BY AMERICAN BUSINESS AND INDUSTRY. IF YOU LOOK AT DATA FOR EXAMPLE, OVER 600 MILLION PEOPLE LIVING IN SUB-SAHARAN AFRICA. THE RATE OF RETURN LAST YEAR ON INVESTMENT IN AFRICA WAS 25%, THAT WAS THE HIGHEST IN THE WORLD. OPPORTUNITY ABOUNDS AND WE NEED TO START LOOKING AT AFRICA AS AN ECONOMIC PARTNER RATHER THAN JUST AS A CONTINENT THAT NEEDS HELP." Initials Script is copyright Reuters Limited. All rights reserved.
  • Embargoed: 4th March 1996 12:00
  • Keywords:
  • Location: ABIDJAN, IVORY COAST
  • City:
  • Country: Ivory Coast
  • Reuters ID: LVA3J8TYRQWN7D3SRRWW0TQ5FAMB
  • Story Text: United States Commerce Secretary Ron Brown began a tour of five African countries on Sunday (February 18) saying American investors must stop neglecting the world's poorest continent and play their part in its economic revival.

    "For too long Africa has been virtually ignored by the United States," Brown told a news conference in Ivory Coast.

    "American firms see you moving toward democracy, they see many of your economies developing at a five percent plus annual growth rate, and they want to participate in that accelerating growth," he told a roundtable of American and West African business and government representatives.

    He said the United States wanted to improve its share of Sub-Saharan Africa's markets, which was only 7.7 percent in 1994, while the European Union took over 40 percent.

    Brown, who will also visit Ghana, Kenya, Uganda and Botswana on his week-long trip, is accompanied by government officials and about 40 U.S. business representatives, from such sectors as telecommunications, energy, computing, engineering, management consultancy and accounting.

    Similar business roundtables will be held in Nairobi for East Africa and Gaborone for Southern Africa.

    On Monday (February 19), Brown visited Ivory Coast's fast-growing stock exchange. The Abidjan exchange is scheduled to become a regional stock market for seven French-speaking West African countries as the West African Economic and Monetary Union takes shape.

    In 1995, the Abidjan exchange recorded a 78.57 percent rise in market capitalisation to 400 billion CFA francs ($800 million) at year-end, exchange figures show.

    A 50 percent devaluation of the CFA franc regional currency in January 1994 made Ivory Coast far cheaper for foreign investors, and the country is diversifying its cocoa and coffee based economy with the development of mining, gas and oil.

    Ivorian Gross Domestic Product grew by more than 6.5 percent in 1995 and is forecast to reach 7.5 percent this year.

    About 40 U.S. companies are already in Ivory Coast, mainly in the audit, insurance, banking and oil sectors.


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