21st World Economic Forum on Africa commences

The 21st World Economic Forum on Africa, which is to be attended by in excess of 900 participants from 60 countries, commences in Cape Town.

The three-day conference will focus on precisely how sub-Saharan Africa can maintain its growth path and turn into one of the pillars of global growth and demand.

To be organised within the subject, Shaping Africa’s Role in the New Reality, the conference is going to take place against the background of the growing global acknowledgment of Africa’s development potential.

Finance Minister Pravin Gordhan, the lead minister for WEF, remarked that in redefining the nation’s association with the world, South Africa’s message was indeed shifting beyond the focus on its abundant cultural diversity.

“We are currently showcasing our accomplishments in the areas of science, technological innovation, financial services and our acknowledgement as a systemically crucial member of the international community.

“In our hosting of WEF Africa, we will with certainty declare that South Africa is definitely responding to the new reality,” he said.

Finance Minister Pravin Gordhan

Gordhan mentioned the nation is without a doubt perfectly positioned in the changing poles of power and economic growth, not merely as an emerging market, but more as a leading economy on a continent this is certainly an invaluable partner within the global economy as well as being home to roughly 15 percent of the world’s population.

“All of us are formidable supporters of inclusive growth, job creation, and the diversification of the economy,” the minister claimed.

He added the fact that South Africa has been actively taking part and adding to positions developed in global policy making.

“We may also be assuming a progressively more significant place in the global arena. We are one of the non-permanent members on the United Nations Security Council, the sole African nation to be a member of the G20, as well as not too long ago, we have obtained a seat at the table of the Brazil, Russia, India, China and South Africa forum (BRICS), which, with its inhabitants in excess of 3 billion people, functions as a significant platform for global dialogue and cooperation.”

Certainly one of concerns to be talked about at the WEF Africa will most certainly be just how African economies will be able to mitigate their exposure to the volatility and unpredictability in commodity prices and ways in which the continent can bolster its voice in multilateral community forums much like the G20 and the Seventeenth Conference of the Parties of the United Nations Framework Convention on Climate Change (COP 17). The COP 17 conference is going to be organised in Durban in December.

President Jacob Zuma

As being the largest economic system on the continent, South Africa has long been and definitely will continue to utilize its seat on multilateral fora, along with the International Monetary Fund, the World Bank and the G20, to boost Africa’s interests.

South Africa will in addition take advantage of its membership of BRICS to improve Africa’s voice in the world.

Africa’s enhanced economic prospects have mainly been due to steps undertaken by African nations themselves to get rid of political conflicts, improve governance and develop improved macroeconomic conditions.

Despite the fact that Africa will definitely reap the benefits of globalisation, which is certainly most likely to spur demand for commodities, the continent’s expansion into the future will probably be influenced by social and demographic shifts currently underway.

The South African Government delegation to WEF Africa will be headed by President Jacob Zuma, who is going to be accompanied by the following ministers:

* Pravin Gordhan: Minister of Finance
* Trevor Manuel: Minister of National Planning: The Presidency
* Rob Davies: Minister of Trade & Industry
* Ebrahim Patel: Minister of Economic Development
* Tina Joemat-Pettersson: Minister of Agriculture, Forestry & Fisheries
* Malusi Gigaba: Minister of Public Enterprise
* Marthinus van Schalkwyk: Minister of Tourism
* Dipuo Peters: Minister of Energy
* Edna Molewa: Minister of Water and Environmental Affairs
* Naledi Pandor: Minister of Science and Technology

Several South African business people will in addition participate in the WEF conference.

Source: BuaNews

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