16th World Economic Forum on Africa
Encyclopedia
The 16th World Economic Forum on Africa: Going for Growth was a World Economic Forum
economic
summit meeting held in Cape Town
, South Africa
, from May 31 to June 2, 2006. The summit was attended by some 650 political and business leaders from 39 countries, focusing particularly on rapidly increasing Africa
n commodity
prices. It also examined issues relating to the promotion of investment
, improving world opinion, combating hunger
, sustainable development
, and offer specific initiatives to address these and other economic issues facing part of or the entire continent.
and Indian
economies on the rise of commodity prices in Africa, the summit addressed several specific economic
, developmental
, and financial
initiatives:
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
economic
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
summit meeting held in Cape Town
Cape Town
Cape Town is the second-most populous city in South Africa, and the provincial capital and primate city of the Western Cape. As the seat of the National Parliament, it is also the legislative capital of the country. It forms part of the City of Cape Town metropolitan municipality...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, from May 31 to June 2, 2006. The summit was attended by some 650 political and business leaders from 39 countries, focusing particularly on rapidly increasing Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
n commodity
Commodity
In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services....
prices. It also examined issues relating to the promotion of investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
, improving world opinion, combating hunger
Hunger
Hunger is the most commonly used term to describe the social condition of people who frequently experience the physical sensation of desiring food.-Malnutrition, famine, starvation:...
, sustainable development
Sustainable development
Sustainable development is a pattern of resource use, that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come...
, and offer specific initiatives to address these and other economic issues facing part of or the entire continent.
Notable participants
Among the prominent participants were:-
- Thabo MbekiThabo MbekiThabo Mvuyelwa Mbeki is a South African politician who served two terms as the second post-apartheid President of South Africa from 14 June 1999 to 24 September 2008. He is also the brother of Moeletsi Mbeki...
, President of South AfricaPresident of South AfricaThe President of the Republic of South Africa is the head of state and head of government under South Africa's Constitution. From 1961 to 1994, the head of state was called the State President....
(host) - Armando GuebuzaArmando GuebuzaArmando Emílio Guebuza is a Mozambican politician and the President of Mozambique since 2005.- Career :Armando Emílio Guebuza was born in 20 January 1943 in Portuguese East Africa...
, President of Mozambique - Jakaya KikweteJakaya KikweteJakaya Mrisho Kikwete is the 4th and current President of the United Republic of Tanzania. Kikwete was born in Msoga, Bagamoyo District, Tanganyika in present day Tanzania...
, President of TanzaniaPresident of TanzaniaThe President of the United Republic of Tanzania is the head of state and head of government of Tanzania. The president leads the executive branch of the Government of Tanzania and is the commander-in-chief of the Tanzania People's Defence Force.... - Syamal Gupta, Chairman of Tata International, IndiaIndiaIndia , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
- Jim Goodnight, Chief Executive OfficerChief executive officerA chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, SAS InstituteSAS InstituteSAS Institute Inc. , headquartered in Cary, North Carolina, USA, has been a major producer of software since it was founded in 1976 by Anthony Barr, James Goodnight, John Sall and Jane Helwig...
, United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district... - Maria RamosMaria Ramos-Early life:Born Maria da Conceição das N. C. Ramos on 22 February 1959 in Lisbon, Portugal, Ramos went on to study economics and taught the subject at the University of South Africa and the University of the Witwatersrand...
, Chief Executive Officer, TransnetTransnetTransnet SOC Ltd is a large South African rail, port and pipeline company, headquartered in the Carlton Centre in Johannesburg. It was formed as a limited company on April 1, 1990. A majority of the company's stock is owned by the Department of Public Enterprises, or DPE, of the South African...
, South AfricaSouth AfricaThe Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans... - Charles Chukwuma Soludo, Governor of the Central Bank of NigeriaCentral Bank of NigeriaThe Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
- Thabo Mbeki
Initiatives
In addition to examining the impact of the expanding ChineseEconomy of the People's Republic of China
The People's Republic of China ranks since 2010 as the world's second largest economy after the United States. It has been the world's fastest-growing major economy, with consistent growth rates of around 10% over the past 30 years. China is also the largest exporter and second largest importer of...
and Indian
Economy of India
The Economy of India is the ninth largest in the world by nominal GDP and the fourth largest by purchasing power parity . The country is a part of the G-20 major economies and the BRICS, in addition to being partners of the ASEAN. India has a per capita GDP of $3,608 as per 2010 figures, making it...
economies on the rise of commodity prices in Africa, the summit addressed several specific economic
Economy
An economy consists of the economic system of a country or other area; the labor, capital and land resources; and the manufacturing, trade, distribution, and consumption of goods and services of that area...
, developmental
Economic development
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...
, and financial
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
initiatives:
-
- The African Investment Climate Facility: A new mixed public-private venture was initiated as a mechanism to encourage investmentInvestmentInvestment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
in the continent. The African Development BankAfrican Development BankThe African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...
agreed to take the lead facilitating panAfrican infrastructure projects.
- The African Investment Climate Facility: A new mixed public-private venture was initiated as a mechanism to encourage investment
-
- Changing perceptions of Africa: This initiative was designed to address and improve on the generally negative perceptions suffered by the African continent.
-
- Initiative to Reduce Hunger: This proposed "Business Alliance to Reduce Chronic Hunger" was considered as a mixed private-public venture to address "the root problems of hunger."
-
- Energy Poverty Action: The Energy Poverty Action WEF taskforce was set up to test a pilot model for developing grid and off-grid electrificationElectrificationElectrification originally referred to the build out of the electrical generating and distribution systems which occurred in the United States, England and other countries from the mid 1880's until around 1940 and is in progress in developing countries. This also included the change over from line...
for different parts of the continent.
- Energy Poverty Action: The Energy Poverty Action WEF taskforce was set up to test a pilot model for developing grid and off-grid electrification
-
- "Strengthening Healthcare Systems" proposal: This proposal was designed toward promoting a mixed private-public healthcare system in sub-Saharan Africa.
-
- Partnering Against Corruption Initiative: The PACI seeks to curb corruption, by having businesses commit to a "zero toleranceZero toleranceZero tolerance imposes automatic punishment for infractions of a stated rule, with the intention of eliminating undesirable conduct. Zero-tolerance policies forbid persons in positions of authority from exercising discretion or changing punishments to fit the circumstances subjectively; they are...
" of corruption.
- Partnering Against Corruption Initiative: The PACI seeks to curb corruption, by having businesses commit to a "zero tolerance
-
- Water Initiative: This initiative was designed to expand private participation in Southern African waterWaterWater is a chemical substance with the chemical formula H2O. A water molecule contains one oxygen and two hydrogen atoms connected by covalent bonds. Water is a liquid at ambient conditions, but it often co-exists on Earth with its solid state, ice, and gaseous state . Water also exists in a...
resources and needs.
- Water Initiative: This initiative was designed to expand private participation in Southern African water
-
- Social entrepreneurs: The Schwab Foundation for Social EntrepreneurshipSchwab Foundation for Social EntrepreneurshipThe Schwab Foundation for Social Entrepreneurship provides platforms at the country, regional and global levels to promote social entrepreneurship.- History :...
named Sunette Pienaar the South African Social Entrepreneur of 2006.
- Social entrepreneurs: The Schwab Foundation for Social Entrepreneurship