S African Business Unity Looks to G20 as Chance to Help Developing Countries
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The upcoming G20 summit in London will provide a chance for developing countries hit by the current global economic crisis to get help, an organization of businessmen in South Africa said on Monday.
"It will allow political leaders to assess progress with previous attempts to resuscitate global economic growth and explore further interventions that can ameliorate the impact of the current global recession, especially on developing countries like South Africa." Business Unity South Africa (BUSA) CEO Jerry Vilakazi told a media briefing in Johannesburg.
Vilakazi said BUSA -- as the official voice of South African business -- appreciated the responsibility that South African government leaders will carry to the summit. The country will be the only one to represent the African continent at the upcoming gathering.
According to the recent data released by the African Development Bank (AfDB), Africa's growth rate will decline below 3 percent in 2009, the lowest since 2002.
"This slowdown in growth is due to declining trade flows. AfDB data shows an expected shortfall of US$251 billion in export revenues," Vilakazi said.
"How do we stimulate private sector development? How do we bolster our global competitiveness? How do we sustain infrastructure development which is critical for increasing long-term prosperity of our continent?" he asked, hoping these questions will be answered at the G20 summit.
Vilakazi also expected the G20 leaders to make renewed commitments to multilateral trade relations.
"We believe that firm statements on concluding a development focused Doha Round, support for the Aid for Trade initiative and technical assistance to assist African counties prepare for better trade negotiations are appropriate," he said.
The G20 summit is set to take place in London on Thursday. The grouping includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
(Xinhua News Agency March 31, 2009)