Development opportunities, hot topic at WEF on Africa

Marilou Jane (L2), sector director of the Africa Finance and Private Sector Development of World Bank, talks about the Africa Competitiveness Report 2009 in Cape Town, South Africa, June 10, 2009. The Africa Competitiveness Report 2009 released on Wednesday highlighted that financial development and trade were crucial to making Africa more competitive and riding out current crisis. (Xinhua/Xu Suhui)
Photo Gallery

By Song Ying and Li Jianmin

CAPE TOWN, South Africa, June 10 (Xinhua) -- Co-chairs of the World Economic Forum (WEF) on Africa stressed on Wednesday the development opportunities of the continent on the opening plenary of the platform.

The meeting came as the global economic meltdown has sucked the growth strength of many African nations, making flagging the traditional economic drivers like foreign investment, demand for raw material and oversea remittance.

A journalist reads the Africa Competitiveness Report 2009 in Cape Town, South Africa, June 10, 2009. The Africa Competitiveness Report 2009 released on Wednesday highlighted that financial development and trade were crucial to making Africa more competitive and riding out current crisis. (Xinhua/Xu Suhui)
Photo Gallery

At the plenary under the theme "Africa and the New Global Economy", the five co-chairs believed that African countries should use the crisis which has devastating effects on the world's major economies, as an opportunity to bring about new development in the continent.

Newly-elected South African President Jacob Zuma, also the host of the forum, said the continuation of the current crisis will mean increased starvation, poverty and child mortality."

However, he expressed belief that Africa can have its own way to deal with the crisis just like other parts of the world.

"We view the economic downturn as providing both challenges and opportunities for the continent and the developing world in general," said Zuma.

World Bank Managing Director Ngozi Okonjo-Iweala said the impacts of the crisis on Africa are not abstract.

She argued that the key issue is how to focus on the opportunity brought by the crisis to position Africa for long-term development.

Okonjo-Iweala also stressed the importance of having the voice of African countries on the table.

Jiang Jianqing, chairman of the board of the Industrial and Commercial Bank of China, told the participants at the opening plenary that the global crisis poses a challenge to African economy as the price of raw material, outside demand and foreign investment all drop.

"Africa will have more opportunities in the long run as the global economy will be in a more balanced pattern after the crisis. The relations between development and fairness will be better," said Jiang.

Another co-chair, Soud Ba'alawy, executive chairman of Dubai Group of the United Arab Emirates, said that there is a misconception that the investment to Africa will have high risks. People will begin to wonder which one has greater risk after the crisis started in the West.

The World Economic Forum on Africa has attracted over 800 participants from 50 countries. Five African leaders have taken part in the meetings. They are Kenyan Prime Minister Raila Amolo Odinga, Lesotho's Prime Minister Pakalitha Mosislili, Rwandan President Paul Kagame, South African President Zuma and Zambian President Rupiah Bwezani Banda.

Participants of the forum will try to seek practical solutions to foster better business practices and greater investment across the continent.

The closing plenary session of the platform scheduled for Friday afternoon will highlight the outcomes of the meeting and map out the future engagement of main stakeholders.