The head of one of the nation’s largest companies says it’s time for U.S. businesses to begin paying attention to Africa.
He also says it’s time to stop vilifying the Export-Import bank.
The Ex-Im Bank has come under fire recently from some conservative leaders on Capitol Hill, as Congress debates whether or not it should be reauthorized.
The bank is a government backed agency that supporters say helps sustain foreign trade and create jobs here at home. Opponents say the bank is a form of unnecessary corporate welfare in need of reform. Its current charter will expire at the end of September without congressional action.
During a U.S.-Africa business forum Tuesday morning, part of a three day U.S.-Africa Leaders Summit in Washington, General Electric CEO Jeff Immelt threw his full support behind the Ex-Im Bank.
“Look, there’s a lot of things to be critical about big businesses, and there’s a lot of things that don’t work in government, but exporting is not one of them, and the Ex-Im Bank isn’t one of them, and the fact that we have to sit here and argue for it is just wrong,” Immelt said.
This isn’t the first time Immelt, a registered Republican and a former jobs advisor to President Obama, has stated his public support for the Ex-Im Bank.
“I’m not asking — GE, Caterpillar, IBM, Dow — we’re not asking for favors,” Immelt said. “We’re putting our own risked capital up against it, but these projects need, I think, the hand of the U.S.”
Immelt’s comments Tuesday come as U.S. political and business leaders seek to strengthen economic and diplomatic ties with countries across Sub-Saharan Africa.
