African And Global Business Leaders Convened For Spring IGD Frontier 100 Forum To Mobilize Action On Job Creation And Inclusive Growth In Africa
Accelerating private sector action to create jobs in key sectors to promote business growth and absorb the millions of African young people entering the workforce in Africa topped the agenda of the Initiative for Global Development’s Frontier 100 Forum, held on May 5-6, 2017, in Durban, South Africa.
Some 100 African and global corporate leaders convened for the invitation-only Frontier 100 Forum, which offered insight and business-driven solutions on delivering jobs through investments in Post-Harvest Loss reduction, innovations in skills development, unlocking regional growth, and industrialization.
“African companies create more than 80 percent of the jobs in Africa,” said Dr. Mima S. Nedelcovych, IGD President & CEO. “Our Frontier 100 Forum brings the voice of Africa’s private sector to the forefront on how to drive job creation to tackle the youth bulge and boost inclusive growth.”
Alarming statistics from the African Development Bank reveals that some 10 to 12 million young people are entering the labor market across Africa each year, yet only 3 million formal jobs are created annually.
Economic activity in emerging markets and developing economies is expected to pick up pace in 2017 and 2018, after a lackluster performance in 2016, projected KPMG, an IGD Frontier Leader.
Rene Awambeng, Director of Client Relations of African Export-Import Bank delivered a keynote address on the forum theme, “Driving Sustainable Economies: Private Sector Action to Spur Job Creation and Innovation for Inclusive Growth in Africa”, where he spoke about long-term sustainable economic transformation in Africa.
“Job strategies should focus on those sectors that are most promising job creators, taking an end to end approach that removes the many barriers to growth along specific industry value chains and puts in place the infrastructure, financing, business environment, and workforce skills needed for the target industry to survive,” said Awambeng.
Panelists on the session, Unlocking the Door for Agribusiness Job Growth and Entrepreneurship through Investment in Post-Harvest Loss Reduction, explored how to generate jobs by making agriculture a first career choice for youth, instead of a backup plan. The panel also put forth strategies on boosting investments in Post-Harvest Loss reductions to create new jobs and entrepreneur opportunities.
Read the full press release here.