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World Economic Forum Africa Economic Summit 2005: Leaders Call For Closer Involvement Of Business In Efforts To Step Up Aid And Investment In The Continent

Date 31/05/2005

The World Economic Forum begins in Cape Town on Wednesday with leaders from some of Africa’s top companies and multinationals calling for the strong voice of business in the flow of “targeted” aid and investment in the continent. The meeting – the fifteenth Africa Economic Summit held by the World Economic Forum – will focus on the recent Commission for Africa report and its recommendations for far-reaching intervention and actions by the G-8, African States, business and other actors to amplify the positive development already under way in much of Africa.

The three co-chairs of the meeting, Niall FitzGerald, Chairman, Reuters; Graham Mackay, Chief Executive, SABMiller; and Lazarus Zim, Chief Executive, Anglo American Corporation of 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 G-8 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 gather in Cape Town. About 80% of participants are leaders from the African continent. Slightly more than half are business leaders, drawn principally from the Forum's members – 1,000 of the foremost companies from around the world and across economic sectors. Other major categories of participants from around the globe include approximately:

  • 193 business leaders
  • 68 public figures and regional leaders – including five heads of state and government and 25 ministers
  • 33 media and opinion leaders
  • 10 heads of non-governmental organizations and labour leaders
  • 31 academics
  • 28 of 42 countries represented at the Summit are African.
Speaking ahead of the meeting, Haiko Alfeld, Director for Africa at the World Economic Forum, 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. 2005 presents an unparalleled opportunity, as the G-8 and the Commission for Africa have focused the world’s attention squarely on mobilizing the necessary partnerships and resources for Africa. I believe that the Africa Economic Summit 2005 here in Cape Town is the place to mobilize that action.”