B20 Business Community Supports G20 Africa Partnership

For immediate release

B20 Business Community Supports G20 Africa Partnership

Business 20 (B20) welcomes the G20 Compact with Africa Initiative to boost investment in Africa.

Investments need stable and secure framework conditions: B20 calls for greater legal and political certainty as well as joint efforts against corruption in Africa.

B20 members stand ready to support the African Compact countries, the G20, and development banks in the implementation of the individual Compacts.

The Business 20, the official business dialogue of the G20, strongly welcomes the G20 Compact with Africa Initiative, which will be launched at the G20 Africa Conference, G20 Africa Partnership – Investing in a Common Future, in Berlin on June 12-13. More than 40 corporate leaders and presidents of business associations – chairs and co-chairs of the B20 working groups as well as the presidents of BDI, DIHK, and BDA – have voiced their support for the initiative and presented 10 High Level Recommendations to the G20.

The partnerships between the G20, interested African countries, and multilateral development banks are designed to promote investment in Africa by improving the macroeconomic, financial, and political environment. A survey among B20 members has shown that the main obstacles to investment are corruption, regulatory and political barriers, lack of infrastructure, legal uncertainty, and an inadequately trained workforce. The B20 calls on the G20 to tackle these barriers.

“Africa is a continent of vast opportunities but also many challenges. The Compact with Africa Initiative will upgrade the partnership between the G20 and individual African countries to a partnership of equals. The Compacts, if implemented wisely, can become a cornerstone in boosting economic growth and sustainable development in Africa,” Juergen Heraeus, Chair of B20 Germany, underlines.

“Africa is increasingly being recognized globally for her potential in developing robust economies. The G20 Compact with Africa Initiative will address the core structural barriers faced by Africa which serve both development and long-term business interests in order to underwrite sustainable and equitable growth”. Isaac Aggrey, B20 Taskforce member, emphasized.

The B20 recommendations focus, among others, on the investment environment, infrastructure, trade, employment and education, health, as well as good governance and anticorruption. For example, B20 recommends the preparation of country-specific investment facilitation plans, the creation of one-stop shops for investors, the strengthening of investment platforms that provide more information on infrastructure projects, and an extension of policy instruments to mitigate political risks through the multilateral development banks and the G20 countries.

“The B20 stands ready to assist the G20 and Compact countries in order to ensure a successful implementation of investment partnerships” said B20 Chair Jürgen Heraeus.

You can find the B20 Recommendations here:

About B20

The Business 20 (B20) is the official G20 dialogue with the global business community. B20 German is organized by the Federation of German Industries (BDI), the Confederation of German Employers’ Associations (BDA), and the Association of German Chambers of Commerce and Industry (DIHK). The B20 is headed by B20 Chair Juergen Heraeus (Heraeus Holding). He is assisted by the three members of the Executive Committee Dieter Kempf, President of BDI, Eric Schweitzer, President of DIHK, and Ingo Kramer, President of BDA, as well as B20 Sherpa Stormy-Annika Mildner. B20 Germany has more than 700 members from all sectors and all G20 members, representing the entire G20 business community.

G20 Africa Partnership – Investing in a Common Future

G20 Africa Partnership – Investing in a Common Future

12-13 June 2017, EUREF Campus, 10829 Berlin

Many African countries are already important political and economic partners of G20 members. To renew efforts of cooperation and enhance sustainable economic development the German Presidency has launched the G20 Africa Partnership.

The G20 initiative aims to support a reliable financial framework in order to increase investment opportunities, push for a more sustainable infrastructure as well as create jobs and employment in African countries and thereby contribute to the AU Agenda 2063.

On 12-13 June 2017 the German Federal Ministry of Finance, the German Federal Ministry for Economic Cooperation and Development and the Deutsche Bundesbank are hosting the International Conference “G20 Africa Partnership – Investing in a Common Future”. The conference will give opportunities to strengthen high-level dialogues between G20 and African decision-makers, to identify common areas of interests and further needs for action with regard to sustainable economic growth, stability and investment opportunities in Africa. At the core of the conference will be efforts to improve the framework conditions for private investment in
African countries including through the G20 initiative “Compact with Africa”.

On the first day, Chancellor Angela Merkel, Federal Minister of Finance Wolfgang Schäuble and Federal Minister for Economic Cooperation and Development Gerd Müller will welcome high-ranking guests from African countries and G20 members for a high-level dialogue to discuss opportunities to enhance the business environment and increase investments in African countries.

The second day will be opened by President of Deutsche Bundesbank Jens Weidmann and will include a high-level investor roundtable (by invitation only) and technical discussions in different breakout sessions which focus on measures to improve the macroeconomic, business, and financing framework conditions as well as digitalisation and energy infrastructure in African countries.

Throughout the conference there will be many opportunities for networking activities between the participants which will consist of representatives from G20 and African countries, international organisations, investors, and further stakeholders.

Our executive director, Isaac Aggrey is expected in Berlin for the start of the conference during which he will join High-Level Roundtable discussion as well as engage with other African countries in bilateral meetings.