This OECD initiative can bolster African efforts to strengthen integrity. When African governments do business with a company whose home government adheres to the Convention, they can assure themselves and their own citizens that price and quality were the only factors that have been considered when contracts were awarded. Institutions such as the World Bank, the African Development Bank, as well as non-governmental organizations such as Transparency International, offer additional capabilities to help governments build their own institutions to prevent corruption. The private sector can take the lead if governments create fair and transparent business climates that attract investments to all areas of the economy. It is especially important to project a sense of stability in the rules of the game to investors preparing to commit billions of dollars in a country.
African countries can take policy and regulatory steps to foster domestic markets.
U.S. investment will flow to the kinds of important infrastructure projects and industrial initiatives that provide real benefits in terms of linkages to other economic sectors and contributions to broader economic development. We have learned that oil and gas companies, for all their skills in this case, have no particular comparative advantage when it comes to other economic activities such as managing property or developing biotechnology. The same logic suggests that these companies should not be expected to have special skills in operating schools in Africa. Still . . . I am convinced that American companies cannot remain aloof from the economic and social and even political challenges I have just outlined and I would invite your ideas on ways you can contribute. Closing Our panelists will discuss in greater depth some specific project ideas.