International investors will now be reluctant to look past corruption, or see bribery as simply the cost of doing business. This includes support for activities to improve the climate for investment in Africa by reducing corruption and removing regulatory barriers, strengthening ties between African business organizations and similar U.S. business organizations, and promoti ng trade between African countries and with the United States. In addition, we are co-sponsoring an international conference on the role of the private sector in fighting corruption to be held in Washington, D.C. in February 1999. Countries targeted in this grant are Bulgaria, Ukraine, Bangladesh, Philippines, Benin, Ghana, Mozambique, Colombia, and the Dominic an Republic. Certainly, if Africa is to attract the investment capital it so desperately needs to drive its economies forward over the long run, it must aggressively deal with corruption sooner than later.
Corruption is global in nature.
We in the North are certainly not immune from corrupt practices, and we all have a responsibility to be part of the solution. However, corruption exacts a higher toll in Africa than in other regions because these econo mies can least afford the consequences. In fact, I would suggest that corruption has contributed both directly and indirectly to the political destabilization of several African countries which has on occasion led to military takeover, internal conflict or state collapse. I salute the Global Coalition for Africa for being a leader in promoting exchanges between African countries and with other countries such as the United States, who are committed to addressing the worldwide problem of corruption. Let me say that my optimism about Africa was reinforced during the President's recent trip where he saw numerous examples of how Africa is in transition to a new, more prosperous 21st century.