afrol News, 10 June - South Africa’s President Jacob Zuma has urged continental leaders to positively look into the current global economic crisis as providing an opportunity to alleviate the effects of the so-called 'brain-drain', by attracting the Diaspora back home to reconstructing the continent.

Addressing the opening of the World Economic Forum in Cape Town today, the SA President said many African economic emigrants have now discovered that the grass is not necessarily greener on the other side, and will hopefully come home soon to assist with planning for the recovery.

”The continent is also rich in natural resources, including agriculture land. We have also demonstrated our commitment to move forward through institutions that foster good governance such as the African Peer Review Mechanism,” said Mr Zuma in urging for a positive outlook.

He however said another key element of working for sustainable economic growth and development in Africa was the attainment of peace building and stability in every corner of the continent.

“Africa has its own mechanisms of responding to the crisis, as do other regions of the world. No region will respond in the same way as others. We view the economic downturn as providing both challenges and opportunities for the continent and the developing world in general,” he said, adding that one of the critical lessons for the world from the crisis is the need for a transformed global financial system.

He stated that financial systems cannot be self-regulatory and governance of financial institutions must be global in nature.

”In addition, several recent meetings of the African Union have called for a comprehensive reform of the governance of the global financial system and the Bretton Woods Institutions, the IMF and the World Bank. This will reflect the changing economic realities and challenges and provide a voice and representation for emerging and developing countries,” stressed Mr Zuma.

He also noted that another point raised by the developing world constantly is protectionism, further stating that it has been a concern raised by the African Trade Ministers on the growing protectionist measures being taken in developed countries.

”African agriculture has suffered for decades from the huge subsidies provided to developed country agriculture. We all do understand that all economies become inward looking during difficult economic times. However we can avoid shutting out other markets,” he said.

Some over 800 people including five heads of state are attending the conference which will map Africa’s response to the effects of the global financial crisis.

By staff writer

© afrol News

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