SOUTH AFRICA TO FOCUS ON AFRICA’S CHALLENGES AT 2017 G20 MEETING IN HAMBURG

The Group of 20 (G20) leading developed and emerging economies which will hold its 2017 meeting in Hamburg, Germany, in July, when South Africa is expected to put Africa’s challenges and partnerships with G20 countries at the top of its discussions.

Addressing the South African Institute of International Affairs T20 Africa Conference here Wednesday, Germany’s Minister for Economic Development, Thomas Silberhorn, said Germany was seeking to reform its investments, trade and partnerships with Africa.

He added that Germany had promised it would be making a strong political commitment for the continent at this year’s G20 summit and was looking for strong African partners and strong government partners.

Germany wants the G20 countries to discuss issues of migration policy, fair trade rules, foreign investment, tax and illicit financial flows affecting the continent.

Silberhorn said: Germany took the presidency of the G20 in December last year and that is why it’s a good time to exchange and discuss our ideas here.

“The Group of 20 represents the world’s biggest 20 economies and together they generate 80 per cent of global GDP and that is why it will be a strong political signal if G20 leaders explicitly address and partnership with Africa.

Germany is expected to set aside 300 million euros in its current budget for reform partnerships and good governance. It also has a plan for the youth on the continent which currently needs 20 million new jobs each year for its young generation.

Silberhorn also said Africa loses millions through illicit financial flows and corruption. We need fair taxation rules that avoids tax base erosion and profit shifting,” he noted.

“We are offering a lot of tax heavens in Europe and it’s a mews that so much money is generated in African countries and exported to Europe and not used for investment and job creation in African countries. How should I convince German investors to go to Africa as long as African business leaders and politicians take their money and go to Europe.

Germany wants to organise a conference ahead of the G20 summit with African politicians, businesses, NGO’s to discuss topics of the G20 partnership. It also wants to launch an initiative for more private investment into the continent during its term at the G20 presidency.

Source: NAM NEWS NETWORK