The World Economic Forum (WEF) begins its 15th annual Africa Economic Summit in Cape Town on Wednesday with leaders from some of Africa’s top companies and multinationals calling for the strong voice of business to be heard in the flow of targeted aid and investment on the continent.
The meeting will focus on the recent Commission for Africa report and its recommendations for far-reaching intervention and actions by the Group of Eight (G8) developed countries, African states, business and other actors to amplify the positive developments already under way in much of Africa.
The three co-chairs of the meeting — Niall FitzGerald, chairperson of news agency Reuters; Graham Mackay, CEO of global brewing giant SABMiller; and Lazarus Zim, CEO of Anglo American South Africa — recently made a “call to arms” in a letter sent to participants to the summit.
They called for “a strong signal to the G8 summit in July — supporting African aspirations and the Commission for Africa recommendations”.
In the letter, the three co-chairs also state: “Clearly, business has a strong interest in the flow of targeted aid and investment on the scale proposed, as well as a shared responsibility to help build African capacity to use this funding effectively and transparently.
“We call on you as leaders of Africa’s top companies and multinationals active in Africa,” the letter goes on, “to join us in Cape Town and engage, as active partners, in ensuring that this unprecedented ‘tipping point’ is not missed.”
Over the course of the three-day meeting, more than 660 participants from 42 countries will participate in discussions on key economic, business, education, health, governance and leadership issues. About 80% of participants are leaders from the African continent.
Slightly more than half are business leaders, drawn principally from the forum’s members — 1Â 000 of the foremost companies from around the world and across economic sectors.
Four heads of state will also be attending, including South African President Thabo Mbeki. The other heads of state will be Mozambique’s President Armando Guebuza, Tanzanian President Benjamin Mkapa and Prime Minister of Lesotho Pakalitha Mosisili.
South African government representatives will include Minister of Public Enterprises Alec Erwin, Minister of Finance Trevor Manuel and Minister of Trade and Industry Mandisi Mpahlwa, as well as South African Reserve Bank Governor Tito Mboweni
On the business side, Absa, Standard Bank, Sasol, Eskom, Anglo Platinum, AngloGold Ashanti, Eskom, BHP Billiton, African Rainbow Minerals, De Beers, Transnet, Harmony Gold, Mvelaphanda and Anglo American will all have representatives present.
Speaking ahead of the meeting, Haiko Alfeld, director for Africa at the WEF, said: “This meeting serves as a unique platform for frank, informal dialogue to rally the key actors, and particularly those from business, to address the major development challenges facing Africa.
“[The year] 2005 presents an unparalleled opportunity, as the Group of Eight developed countries and the Commission for Africa have focused the world’s attention squarely on mobilising the necessary partnerships and resources for Africa.
“I believe that the Africa Economic Summit 2005 here in Cape Town is the place to mobilise that action.”
Alfeld said 2005 is Africa’s year, especially since the United Kingdom has chosen the continent as an issue when it will be president of the G8 and the European Union. — I-Net Bridge
Read more about the Africa Economic Summit on the World Economic Forum website