You asked, Bono answers
Did you ask Bono a question? If so, maybe he answered it.
Q. Multinational corporations have enormous purchasing power. Why can’t they buy from African suppliers?
A. Doing business is sexy. Trade is sexy. Aid is not sexy if you’re an African. Africans don’t want aid but they need aid. What they really want and what their heart desires and what they truly deserve is trade as a way out of their present circumstances; to do business and the dignity of doing business together on an even playing field.
So, the thing I will come away with at the end of this trip, apart from some of the more tragic moments that are hard to forget, is this rather intoxicating ‘can do’ attitude that we’ve just discovered in this new Africa, like the A to Z textile company we visited that makes bed nets and polo shirts for its next door neighbor. There are new burgeoning African businesses about to break through if we give them the right breaks.
...not really the answer to the question, but a very true and important point. Anyone else want to take a stab at answering?
Update: more from Bono.
Update: TEDblog was in Africa with Bono. So was NBC's Brian Williams. ONEBlog and CIPEBlog too.
Comments (5)
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The "enormous purchasing power" phrase is misleading. They buy a lot, yes, but that doesn't mean MNCs can make arbitrary choices about sourcing supply. Market competition will impersonally and ruthlessly punish them for making unprofitable business decisions.
So African suppliers have got to prove that they are a great deal. At the same time bad policies, both domestically and abroad, artificially inflate the cost and/or risk of making these business deals. Eliminating these policies will go a long way to giving the "break" that these businesses need.
(Now when do I get to feed Bono his lines?)
Posted by: Roehl Briones | May 23, 2006 5:02:25 AM
But the problem is that Aid is sexy if you are an American - not business. So we write checks instead of invest and do business.
Posted by: Claire | May 23, 2006 2:52:23 PM
Bono makes an important point that cannot be emphasized enough: the average Afican is motivated and hard working and wants the opportunities to grow firms, ideas and families. We can't let the stain of previous results and current cronyism make us forget this.
Posted by: Ivory Coast wins WC | May 23, 2006 2:53:47 PM
The answer is that they can. The question should be, why don't they.
Possible answers:
1) Lack of realible hig-quality African suppliers
2) Worries about the business environment of many African countries. Particularly regarding corruption and poor infrastrcuture.
3) The high export-import costs. Many domestic suppliers would be competitve if they were not burdened by the delays cuased by poor infrastructure and inefficient red-tape to get their products to their borders and beyond.
Posted by: Thomas C. | May 26, 2006 2:38:07 PM
I watched Am. Idol this evening. I was moved beyond words. I have been a teacher in Ga. for over 20 years. The one comment that caught my attention was Bono's statement that teachers don't send the message that we "can" do anything we want. PLEASE know that some of us have been and continue to send that very message. I realize it is our only hope for the future. I live and breathe it with my students.
Just know, we are out there!
Thank you for hearing my voice!
Peace, love, and hope....Cindy
Posted by: Cindy | Apr 25, 2007 10:23:41 PM