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30 Oct 2011

President Jacob Zuma will attend the G20 Summit at Cannes in France from 3 to 4 November, where he will promote the need for enhanced growth, jobs and infrastructure development on the African continent. The President will further call for global governance reforms to reflect the interests of the African continent and the developing world.

The President will be accompanied by the Minister of Finance, Mr Pravin Gordhan.

The G20 has emerged in recent years as a premier forum for global economic policy discussion and coordination. South Africa regards the G20 as presenting a meaningful opportunity for a coordinated response to the global economic crisis, addressing the on-going European debt crisis and adopting policies that will lead to strong, sustainable and balanced growth.

"Our efforts must be channelled towards finding innovative ways to create jobs in most economies in the world - particularly the need to give hope and opportunities for the unemployed youth. We should refocus our attention to promoting growth that is inclusive in an effort to address poverty. As a small open economy, we will push for better response measures to curb currency volatility’’, said President Zuma ahead of his departure for Cannes.

Issues to be discussed at the G20 amongst others include the globaleconomic situation, reforming the International Monetary System, strengthening the financial sector, volatility of commodities' markets and their impact on food prices and progress on the development action plan adopted during the last G20 Summit in Seoul.

The current economic crisis facing the developed world and Europe in particular is expected to feature prominently. South Africa will call for strong action by Europe to act in implementing the already announced measures to prevent a global recession, act decisively in addressing measures that spur growth and refocus attention on strengthening the financial sector and agreeing on measures to help African countries transition to a greener economy.

The reform of international financial institutions remains a critical point for South Africa. On IMF reform, South Africa has a specific objective: To increase the voice and participation of Sub-Saharan Africa and the creation of a third chair for Sub Saharan Africa.

President Zuma also intends to promote South Africa’s and Africa’s potential as an important contributor to global demand, opportunity for investing in infrastructure, manufacturing and innovation as well as calling for urgent measures that address food security and increased prices for food.

The President is also scheduled to meet with business in a session organised by the French Chamber of Commerce, MEDEF.

The President looks forward to a successful meeting that will benefit South Africa and Africa.

Issued by: The Presidency
30 Oct 2011

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