The goal of the G20 Compact with Africa summit, which is bringing together leaders from over a dozen African nations, is to support private investment in the world’s poorest, yet rapidly developing, continent.
German government authorities have revealed that German Chancellor Olaf Scholz will be hosting the conference in Berlin, which will feature attendance from French President Emmanuel Macron, Dutch Prime Minister Mark Rutte, and President of the European Commission Ursula von der Leyen, all of whom demonstrate a fresh interest in Africa.
After holding bilateral talks with a number of African nations on Sunday, November 19, 2023, Scholz who has traveled to Africa multiple times since taking office in late 2021—will attend a German-African investment summit at Berlin’s Marriott Hotel on Monday morning (November 20, 2023).
In the second-most populous continent in the world, Europe, the United States, and China are vying for geopolitical clout, vital minerals, and fresh economic prospects.
Among these is Africa’s capacity to produce renewable energy, especially green hydrogen, which might facilitate its northern neighbor’s economic shift to carbon neutrality. Reducing illegal migration is also regarded to be contingent on the stability and economy of the continent.
Under the German G20 presidency, the Compact with Africa was established in 2017 with the goal of bringing together bilateral partners, international organizations, and reform-minded African nations to examine investment prospects and coordinate development objectives.
A press conference with leaders of the African Union, which was admitted as a permanent member of the G20 group of the world’s most powerful nations in September, takes place before to the official event, which is scheduled for Monday, November 20, 2023, afternoon in the German chancellery.
“We will not make a common declaration, we do not want to force our African partners into a tight corset,” a German government official said on Friday. “Instead, we want concrete results.”
According to German government representatives, Africa can be extremely helpful to Germany in achieving its green transition, securing skilled labor, reducing illegal migration, and improving supply chain diversification.
African nations have long lamented that, despite Europe’s promise of investment, China really delivers funding without passing judgment on morality. Nonetheless, European interest in diversifying supply chains is growing while Chinese lending to Africa is decreasing.
German trade with Africa was 60 billion euros ($65.4 billion) in the previous year, increasing 21.7% from 2021 but still a small portion of trade with Asia.
According to a study conducted by KPMG and the German-African Business Association, nearly two thirds of German businesses wish to grow in Africa.
The G20 Compact comprises the following nations: Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of the Congo, Senegal, Guinea, Ivory Coast, Morocco, Tunisia, Egypt, and Ethiopia.
One dollar is equal to 0.9168 euros.
Ref: Reuters
