DevelopmentThe second great African need to which we can contribute is economic development. Africa must obtain material resources and technology from abroad. Multilateral and private investment channels are, we believe, the most efficient means to effect capital development. But external resources can bring real progress only if Africa's own human resources are developed and mobilized for this effort. It is in this area that we believe our bilateral assistance programs can be most effective. We therefore hope to contribute to Africa's economic development in four major ways:
Our bilateral assistance programs in the years ahead will concentrate on the development of human resources-on education, population problems and agricultural skills. In the technical assistance field, we intend to send more highly trained technicians. This will be particularly evident in the "new direction" of the Peace Corps programs in Africa.
But aid alone is not sufficient. African countries also need new markets. Generalized tariff preferences will help to open new markets for their manufactured goods in the more industrialized countries. I will shortly submit legislation to authorize U.S. participation in this program. We will also continue to participate in international efforts to maintain and stabilize markets for traditional exports of primary products.
We intend to use our influence in international lending and developrnent agencies to encourage greater assistance to Africa. In this respect we applaud the decision of the World Bank to increase its assistance to Africa threefold.
Finally, we will actively encourage private investment in the developing countries of Africa. Private investment is the easiest and most efficient way to transfer both resources and human skills from a developed to a developing society. American investment in Africa now stands at about $3 billion, of which more than two-thirds is in the developing area. It has been growing annually at over 12 percent. We expect that a high rate will continue in coming years. In African countries favored with resources and wise leadership, I have no doubt that private investment will play a far more significant role than public aid in speeding their progress.