Africa sets G20 conditions: business leaders present a plan for the continent's economic breakthrough
The African business community has developed a set of strategic recommendations for the Governments of the G20 countries aimed at accelerating the development of the continent. The document, prepared within the framework of the business forum "Business-20" (B20) of South Africa, contains specific proposals on key areas of economic growth.
The initiative was the result of the joint work of business leaders from all over the African continent, who joined forces to develop a common position before the upcoming November G20 summit. The package of recommendations covers a wide range of issues, from infrastructure development and job creation to support for small and medium-sized enterprises, industrialization and digital integration.
B20 Chairman Mholisi Mgojo described the prepared document as a "strategic transformation plan", which includes such priority areas as financing infrastructure projects, ensuring food security, adapting to climate change, digitalization of the economy, as well as the development of the extractive industry and industrialization.
The recommendations pay special attention to attracting large-scale investments and increasing the number of commercially viable projects on the continent. Business leaders emphasize the need to step up efforts for the energy transition and strengthen sustainable energy infrastructure, which is crucial for the long-term development of the region.
Representatives of the business community see significant potential in the African Continental Free Trade Area (AfCFTA). The recommendations call for closer cooperation with the AfCFTA Secretariat to ensure consistency of investment flows and maximize their long-term effectiveness.
The document was officially handed over to South African Minister of Foreign Affairs and Cooperation Ronald Lamola, who accepted it on behalf of President Cyril Ramaphosa. In his speech, Lamola emphasized the importance of access to critical minerals for the global energy transition.
According to the minister's estimates, the deployment of solar, wind and geothermal energy capacities will require about 3 billion tons of minerals and metals. That is why South Africa consistently advocates at international forums for the processing of critically important minerals to be carried out directly at the mining sites, which will contribute to the creation of added value and the development of local industry.
The recommendations presented demonstrate the growing activity of the African business community in shaping the global economic agenda and underline the continent's desire to take a more significant place in the global economic architecture.
