WEF Africa ends with call for inclusive growth

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The 3-day World Economic Forum(WEF) on Africa ended in Durban, South Africa, on Friday withinclusive growth, intra-Africa trade, employing digital economyfeaturing prominently in the discussions.

South Africa's deputy presidentCyril Ramaphosa in his closing remarks said there was a consensuson the challenges and opportunities facing the continent. Ramaphosasaid there was agreement that they urgently address exclusion,inequality and unemployment.

"This meeting has underscored thebroad consensus among policy makers, business people, developmentpractitioners, activists and communities that the continent needsto pursue a path of accelerated economic growth that is sustainableand inclusive," said Ramaphosa.

"It is this fundamental imperativethat is the critical guarantor of sustained and sustainableinclusive growth on the African continent. The people of thiscontinent must not only share in the benefits of this growth. Theymust own, control and direct the levers of economic activity," headded.

He said the outcomes of WEF willtransform Africa from a continent of promise into a continent ofprosperity. He said the youths needs to be capacitated to meet theglobal challenges and develop economies.

Ramaphosa said intellectualcapacity of the Africans should be developed to utilize theopportunities of the fourth industrial revolution.

The deputy president called for thecontinent to address the social, cultural and economic factors thatlimit their access to education. To address the inclusiveness thereshould be focus on rural poor, migrant communities and thosedisplaced by conflict so that they are able to access qualityeducation, he said.

South African Finance MinisterMalusi Gigaba said the continent should improve intra-Africa trade.He said new markets should be identified and used in thecontinent.

"African countries need to identifynew markets to focus more on trading with one another, identifymarkets in emerging economies and trade with those countries thatare still open to trade," said Gigaba.

According to a WEF report,intra-Africa trade account for 10-12 percent of the continent'soverall trade. While Africa contributes a smaller potion of theglobal markets (1 percent), its exports to Europe are around 60percent of Africa's exports.

Sugan Palanee, Africa Head ofMarkets at EY, told Xinhua that there were some positiveengagements between governments, business and the general public.There were discussions mostly on how to breach the digital divideand use it for economic growth.

Palanee said discussion on youthsand women empowerment featured prominently during the WEF Africa2017. Interventions were put forward to up-skill the youth toprepare them for the market and interventions were announced inEast Africa to empower women and increase their financialinclusion.

Palanee said Africa'sattractiveness is increasing with many looking at it forlonger-term agreements.

"2016 was a bad year for Africa butthe output for 2017 would be better. We are not out of the woodsyet but this year and beyond it looks positive," he added. 

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