Cape Town - The 25th World Economic Forum on Africa (WEF Africa) at the Cape Town International Convention Centre (CTICC) this week will take a look at Africa’s economic journey over the last quarter of a century.
The conference is expected to attract around 1 300 business academics and roleplayers from more than 75 countries.
It starts on Wednesday, running until Friday. The theme this year is Then and Now: Reimagining Africa’s Future. According to WEF, Africa has demonstrated economic transformation over the past decade, growing 2 to 3 percent faster than the global gross domestic product.
It is projected that regional growth will be sustained by rising foreign direct investment flows, particularly into the natural resources sector; increased public investment in infrastructure; and higher agricultural production.
WEF spokesperson Oliver Cann said there would be a focus on what had worked to stimulate Africa’s investment potential in the last 25 years and what could be improved.
“This year the global leaders will come to WEF with a focus on improving investment in local businesses and gaining insight on what can be done to improve on the continent’s skills,” Cann said.
This year’s conference would also focus on fixing challenges hindering investment like local governance and infrastructure. “The skills shortage is another element that will be addressed to improve trade and needs to be addressed urgently.”
Africa’s biggest asset was its people as it had the world’s largest youth demographic.
“Double-digit growth is now needed for sustainable development and the onus is on leaders to address systemic structural changes that can boost investment, enhance competitiveness, strengthen risk resilience and harness opportunities arising from technology adoption in all sectors,” Cann said.
Delegates would, among others, focus on sustainable development that can boost investment.
Elsie Kanza, senior director: head of Africa WEF, said the meeting would also allow for an opportunity to evaluate Africa’s social and political progress since 1990.
“We are honoured to host this prestigious biennial event and to welcome heads of state and captains of industry from across the world to Africa and South Africa. Their deliberations will not only increase interest and knowledge about this amazing continent, but ultimately lead to greater action aimed at taking our country and continent to even greater heights,” said CTICC chief executive Julie-May Ellingson.
Cape Times