press release

Chevron Press Release - Chevron Chairman Lauds Clinton and Congress for Commitment to Africa

SAN FRANCISCO, May 18, 2000 -- Dave O'Reilly, Chairman and Chief Executive Officer of Chevron Corp., today expressed his appreciation to President Clinton for his "continuing personal commitment" to the African Growth and Opportunity Act (AGOA) and for signing it into law. O'Reilly also lauded members of both Houses of Congress and the Clinton administration for their joint efforts to finalize and implement new legislation.

"The African Growth and Opportunity Act is a critical milestone in U.S. foreign policy at a pivotal time in Africa's political and economic evolution," said O'Reilly. "Today's action is an important first step in helping the nations of sub-Saharan Africa and the Caribbean meet their full potential."

O'Reilly noted that the new law will support local economic development within African communities and will enhance ongoing efforts throughout the region towards democratization.

"The African Growth and Opportunity Act will make the region more attractive to investment and will increase reciprocal trade between the United States and Africa - all of which means more jobs for African and U.S. workers," O'Reilly said.

"This new legislation provides the jump-start for sub-Saharan Africa nations to initiate and maintain their own market-based economies by providing the tools needed to sustain long-term economic growth -- and compete effectively in global markets," he added.

"And through AGOA's promise, we can eagerly anticipate expansion and continued long-term investment opportunities for the benefit of the peoples of both sub-Saharan Africa and the United States."

Updated: May 2000