CS leads delegates to economic conference

Industrialisation Cabinet Secretary Adan Mohammed speaks to investors at the Export Promotion Zone in Athi River on April 30, 2014. Mr Mohammed will lead the government delegation to the World Economic Forum on Africa that begins in Cape Town, South Africa, on Wednesday. FILE PHOTO | SALATON NJAU |  NATION MEDIA GROUP

In Summary

• According to meeting overview notes by the WEF, over the past decade and a half, Africa has demonstrated economic turnaround, growing two to three percentage points faster than global Gross Domestic Product.
• “With the world’s largest youth demographic, Africa’s working-age population is expected to double to 1 billion in the next 25 years, surpassing both China and India. The year 2015 is also significant for Africa, as it marks the end of global, regional and local efforts to meet the Millennium Development Goals aimed at eradicating poverty,” the website says.
• A statement from the WEF on Africa organisers notes that 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,”

Government and private sector players are set to join the more than 1,000 participants at the World Economic Forum on Africa that begins in Cape Town, South Africa, on Wednesday.

Foreign Affairs Principal Secretary Karanja Kibicho told the Sunday Nation Industrialisation secretary Adan Mohammed will lead the government delegation to the June 3-5 event.

Under the theme, “Then and Now: Reimagining Africa’s Future”, the 25th WEF on Africa brings together government officials, business leaders, politicians, members of e civil society and academics. WEF is the international institution committed to improving the state of the world through public-private cooperation. 

Kenyans listed as participants include Safaricom CEO Bob Collymore, James Mwangi (CEO Equity Bank), Gachao Kiuna (CEO Trans-Century), Michael Macharia (CEO Seven Seas Technologies), James Mworia (CEO Centum), Solomon Kitungu (CEO, Privatisation Commission Kenya), Moses Ikiara (MD Kenya Investment Authority), Stanley Kamau (Director Public Private Partnership Unit) and Kennedy Odede (CEO Shining Hope for Communities).

On Friday, the South African g0vernment and the organisers of the continent’s version of the WEF, which was first held in 1990, briefed the media ahead of the event.

“The occasion of our 25th meeting allows us an opportunity to see how far Africa has come economically, socially and politically since 1990. However, what this meeting is really about is looking forward, to see how we can channel the lessons of the past with the creativity, innovation and resourcefulness that comes from all stakeholders,” Elsie Kanza, WEF Head of Africa, said in a statement.

ECONOMIC TURNAROUND

According to meeting overview notes by the WEF, over the past decade and a half, Africa has demonstrated economic turnaround, growing two to three percentage points faster than global Gross Domestic Product.

Regional growth is projected to remain stable at 4.5 per cent in 2015, buoyed by rising foreign direct investment flows, particularly into the natural resources sector, increased public investment in infrastructure, and higher agricultural production.

“With the world’s largest youth demographic, Africa’s working-age population is expected to double to 1 billion in the next 25 years, surpassing both China and India. The year 2015 is also significant for Africa, as it marks the end of global, regional and local efforts to meet the Millennium Development Goals aimed at eradicating poverty,” the website says.

There will be various high-level sessions to take stock of progress over the last 25 years, share insights on the present landscape and identify innovative approaches to accelerate inclusive growth while bringing about development.

A statement from the WEF on Africa organisers notes that 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,”

The co-chairs of the Cape Town meeting are Mr Antony Jenkins (Group Chief Executive, Barclays, UK), Ms Phumzile Mlambo-Ngcuka (Executive Director UN Women), Mr Patrice Motsepe (Executive Chairman African Minerals, South Africa), Mr Paul Polman (CEO Unilever, UK) and Sir Michael Rake (Chairman, BT Group, UK).