- Home
- Washington File
- Gov Berates American Investors
Gov Berates American Investors
- By Williams Ekanem
- Published June 28th, 2011
- Washington File
- Unrated
Bayelsa State Governor Timipre Sylva has expressed dissatisfaction with American businessmen, saying they are not serious investors.
In an exclusive interview with BusinessWorld in New York recently, the Bayelsa State Governor lamented frustrations with American Businessmen saying, “I have combed almost everywhere in united States looking for investors to invite to Bayelsa State but could not get any.”
According to Sylva, American investors do not want to realize that they are dealing with third world countries because they want everything to be in place before they accept to invest.
Stressing that American investors should see investment as a venture, Sylva, regretted that all the prospective American investors he has interacted with overtime are always giving “so many conditions.”
That, according to him, informs the growing partnership with Chinese businesses in Bayelsa State. The State government, he disclosed has just signed a memorandum of understanding with a Korean company for gas exploration, in addition to the Memorandum of Understanding (MoU) with Hyundai Heavy Industries of South Korea for the construction of a fabricating yard on Brass Island in Brass local government area of the state.
The facility which comprises a training centre, piping shop, steel structure, and pressure vessel shops is expected to provide training for 300 youths from the state every year. Governor Timipre Sylva expressed joy over the project, as it is expected to create about 2, 000 jobs for the people adding that it would significantly contribute to the sustenance of peace in the state.
Sylva, who observed that the Niger Delta crisis had been exacerbated by lack of employment opportunities, said the investment by Hyundai Heavy Industries was crucial as it would create sustainable jobs.
The State government he said has secured approval for $3billion Chinese investment in developing its oil and gas sector under a tripartite arrangement between government, private and foreign partners.
However, only a fourth night ago in Zambia at the start of a three-nation tour of Africa focused on increasing trade between Africa and America, jump-starting development and the improving rights and health of women, U.S. Secretary of State, Hillary Clinton said Washington does not regard China’s growing involvement in Africa as a threat to the U.S. But, she said China’s activities in Africa should be scrutinized for signs that they may not benefit African nations or their citizens.
“China’s presence in Africa reflects the reality that it has important and growing interests here on the continent, including access to resources and markets as well as developing closer diplomatic ties,” Clinton told reporters at a news conference in Lusaka with Zambian President Rupiah Banda. “The United States does not see these Chinese interests as inherently incompatible with our own interests.”
“We are, however, concerned that china’s foreign assistance investment practices in Africa have not always been consistent with generally accepted international norms of transparency and good governance and that it has not always utilized the talents of the African people in pursuing its business interests,” she said.
In an exclusive interview with BusinessWorld in New York recently, the Bayelsa State Governor lamented frustrations with American Businessmen saying, “I have combed almost everywhere in united States looking for investors to invite to Bayelsa State but could not get any.”
According to Sylva, American investors do not want to realize that they are dealing with third world countries because they want everything to be in place before they accept to invest.
Stressing that American investors should see investment as a venture, Sylva, regretted that all the prospective American investors he has interacted with overtime are always giving “so many conditions.”
That, according to him, informs the growing partnership with Chinese businesses in Bayelsa State. The State government, he disclosed has just signed a memorandum of understanding with a Korean company for gas exploration, in addition to the Memorandum of Understanding (MoU) with Hyundai Heavy Industries of South Korea for the construction of a fabricating yard on Brass Island in Brass local government area of the state.
The facility which comprises a training centre, piping shop, steel structure, and pressure vessel shops is expected to provide training for 300 youths from the state every year. Governor Timipre Sylva expressed joy over the project, as it is expected to create about 2, 000 jobs for the people adding that it would significantly contribute to the sustenance of peace in the state.
Sylva, who observed that the Niger Delta crisis had been exacerbated by lack of employment opportunities, said the investment by Hyundai Heavy Industries was crucial as it would create sustainable jobs.
The State government he said has secured approval for $3billion Chinese investment in developing its oil and gas sector under a tripartite arrangement between government, private and foreign partners.
However, only a fourth night ago in Zambia at the start of a three-nation tour of Africa focused on increasing trade between Africa and America, jump-starting development and the improving rights and health of women, U.S. Secretary of State, Hillary Clinton said Washington does not regard China’s growing involvement in Africa as a threat to the U.S. But, she said China’s activities in Africa should be scrutinized for signs that they may not benefit African nations or their citizens.
“China’s presence in Africa reflects the reality that it has important and growing interests here on the continent, including access to resources and markets as well as developing closer diplomatic ties,” Clinton told reporters at a news conference in Lusaka with Zambian President Rupiah Banda. “The United States does not see these Chinese interests as inherently incompatible with our own interests.”
“We are, however, concerned that china’s foreign assistance investment practices in Africa have not always been consistent with generally accepted international norms of transparency and good governance and that it has not always utilized the talents of the African people in pursuing its business interests,” she said.
