Africa business summit to spur development

JOHANNESBURG – African political and economic leaders convene in Mozambique this week to discuss harnessing business to power development, saying political gains continue to be undercut by poor economic performance.

The World Economic Forum’s annual Africa Summit, which begins in Maputo tomorrow, will also take on issues ranging from Africa’s role in supplying China’s hunger for commodities to the crisis in Zimbabwe. Originally envisioned as a gathering of Africa’s top leadership, the summit has struggled to attract high-level participation.This year only three presidents – from South Africa, Zambia and Mozambique – are expected in Maputo while many businesses are also sending second tier representatives.Nevertheless, organisers say the three-day meeting will create an opportunity for the two sides to share experiences and create partnerships, and are hopeful a few business deals may be signed along the way.Unlike last year, when the summit sidestepped the Zimbabwe crisis, this meeting will feature a session devoted to the country, where President Robert Mugabe’s government is often held up as a depressing example of Africa’s political and economic failures.Other issues on the agenda include developing Africa’s water infrastructure, enhancing capital markets and fighting the continent’s devastating HIV-AIDS epidemic, which increasingly threatens hopes for economic revitalisation.Business leaders are also likely to discuss slow progress with the New Partnership for Africa’s Economic Development (Nepad), a home-grown plan to spur foreign aid and investment by meeting goals for good political and economic governance.The plan, which hinges on African governments undergoing peer review, has moved slowly while key Nepad investment projects have also failed to attract much interest.-Nampa-ReutersOriginally envisioned as a gathering of Africa’s top leadership, the summit has struggled to attract high-level participation.This year only three presidents – from South Africa, Zambia and Mozambique – are expected in Maputo while many businesses are also sending second tier representatives.Nevertheless, organisers say the three-day meeting will create an opportunity for the two sides to share experiences and create partnerships, and are hopeful a few business deals may be signed along the way.Unlike last year, when the summit sidestepped the Zimbabwe crisis, this meeting will feature a session devoted to the country, where President Robert Mugabe’s government is often held up as a depressing example of Africa’s political and economic failures.Other issues on the agenda include developing Africa’s water infrastructure, enhancing capital markets and fighting the continent’s devastating HIV-AIDS epidemic, which increasingly threatens hopes for economic revitalisation.Business leaders are also likely to discuss slow progress with the New Partnership for Africa’s Economic Development (Nepad), a home-grown plan to spur foreign aid and investment by meeting goals for good political and economic governance.The plan, which hinges on African governments undergoing peer review, has moved slowly while key Nepad investment projects have also failed to attract much interest.-Nampa-Reuters