US companies plan $14bn in Africa investments

US companies are planning $14 billion worth of investments in Africa , a White House official said Tuesday as Washington seeks to strengthen commercial ties during the historic US-Africa Leaders Summit. President Barack Obama and US business chieftains hope to deepen ties with their African counterparts. While the United States remains the largest source of investment on the continent, it has been largely in the oil and gas sector. China and Europe have built stronger positions in infrastructures, manufacturing and trade, with China's trade with Africa more than double that of the United States. Obama, former president Bill Clinton, other US officials and chief executives of top US companies hope to woo a gathering of some 45 African heads of state and government and African business chiefs in a day-long forum in Washington, according to AFP.