Seoul G20 Business Summit began on November 11th with an opening plenary session taking into account the importance of the role of business in overcoming the global economic downturn.
"Overly simple approaches and extreme deregulation will do more harm than good," South African President Jacob Zuma stated while taking part in the first session of a working group on free trade and investment. He said, "economic regions might work seriously for a common approach to foreign direct investment, however, the world is too diverse for a common approach as nations face a range of developmental challenges."
He also stressed ideals for "well thought-out rules" and "simple, transparent ways to implement them."
He assessed the potential of Africa displaying positive results by saying, "The African market is showing as being ranked 3rd in world growth after China and India. They also showed significant positive growth during an economic recession. Through the global financial crisis, Africa proved 2 things: First, most African countries can overcome the crisis with developed macroeconomic policies. Second, Africa is able to continue growth via further development of its domestic market."
"60% of the world's minerals are in Africa, also keeping in consideration the amount of unknown minerals out there. In terms of population relative to the world, Africa has great potential to grow," he explained.
Meanwhile, President Zuma also introduced various efforts to lead the potential of the domestic market for further growth.
"We are actively committed to regional integration and activation of education. Africa is also concentrating on improving infrastructures throughout the entire continent of Africa."
South Africa is promoting a major development program for the nation's development, investing US$120 billion, they put a lot of hard work into expanding infrastructures such as railways and ports. Improving the standards of education and human resources are among other things they are committed to following through with.
"It is the kind of progress we want to see moving forward in order to make the G20 forum truly valuble for the further development of the world," Zuma said.
