Mozambican president visits South Africa for World Economic Forum

16:58, May 03, 2011      

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Mozambican President Armando Guebuza is on his way to South Africa to attend the annual World Economic Forum on Africa set for Wednesday till Friday.

Guebuza will be one of the heads of state going to address the gathering in the South African city of Cape Town.

This year's meeting is to be held under the slogan "From Vision to Action: Africa's Next Chapter". A preliminary statement from the World Economic Forum (WEF) declares that Africa "has demonstrated greater than expected resilience through the global economic crisis, and has been one of the fastest growing regions in the world."

"Improved political and macro-economic stability", the WEF adds, plus commitment to private sector investment and better access to basic social services "lie behind this trend".

But the WEF admits that this does not automatically lead to development. It says the translation of growth into inclusive and sustained development is complex.

In a statement, the WEF argues that this will depend on the capacity and political will to direct taxes, profits and donor funds to much needed infrastructure investment, as well as further improvements to education and health services.

A further key factor, according to the WEF, will be innovative partnerships between business and civil society, as well as the empowerment of the small and medium enterprises that continue to be the main producers of income across the continent.

Yet another challenge, it adds, is Africa's increasing exposure to global risks such as prolonged global financial instability, commodity price instability and climate change.

The Mozambican head of state will be accompanied by his foreign minister, Oldemiro Baloi, former trade minister.

Source: Xinhua
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