CAPE TOWN South Africa AP American business leaders believe corruption is the greatest obstacle to foreign investment in Africa U.S. Commerce Secretary William Daley said Tuesday. Daley delivered the assessment at an investment conference attended by hundreds of U.S. and southern African business executives and trade officials. Daley said he had asked 15 American business leaders including senior executives from Coca Cola Chevron DuPont and Eastman Kodak who were accompanying him what the greatest obstacle to doing business in Africa was. ``Eighty percent answered with one word: corruption'' Daley said attempting to explain why Africa accounts for only 1 percent of U.S. trade worldwide even though the continent has a population of 800 million. Daley's trip to Africa comes eight months after U.S. President Bill Clinton visited Africa a trip Clinton had hoped would mark ``the beginning of a new African renaissance.'' The war in mineral-rich Congo however represents an enormous setback to that vision Daley said. The fighting between rebels fighting President Laurent Kabila's government began in August and involves troops from at least five other countries. ``The fighting in the Congo the waste of such great human and resource potential sends the picture to the world of the old Africa not the new Africa'' Daley said adding: ``You and I know that business people don't want to buy into the old Africa.'' Daley also urged southern African nations to accelerate their efforts to make the 14-nation Southern African Development Community a free-trade zone within eight years. He noted that so far only five countries have ratified the trade protocol. ``For Africa to be on the global stage it cannot be small disconnected markets. It must be regional markets'' he said. Daley's delegation leaves Wednesday for Nigeria Kenya and the Ivory Coast. Earlier Tuesday Daley and South African Trade Minister Alec Erwin signed an agreement to promote investment between American and South African companies. The memorandum of understanding will see Investment South Africa the government investment promotion agency and the Overseas Private Investment Corporation a company which sells political risk insurance and financing to U.S. companies jointly promote investment with an emphasis on small and medium-size enterprises. aos/djw APW19981201.0462.txt.body.html APW19981201.0419.txt.body.html