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Published On: Tue, Aug 23rd, 2016

Emerging economies hope to get economic boost from G20 summit

Amid a sluggish world economy, emerging countries voiced expectation that the upcoming Group of 20 (G20) summit could deliver some changes and help boost growth.

The summit, with the theme “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy,” will be held in the eastern Chinese city of Hangzhou on September 04-05.

A record number of developing countries will participate in the summit for the first time in the G20’s history, said Chinese Ambassador to Ethiopia La Yifan on Friday.

“The G20 summit in Hangzhou will focus on development, especially that of developing countries, including African countries, which makes it different from other G20 summits,” he said.

By bringing more interlocutors together, the G20 summit will push for a more inclusive world economy, said the Chinese ambassador. For the developing world, the gathering is indeed a good opportunity to play a better role and an ideal platform to strengthen cooperation.
A visible symbol of that is the BRICS summit is now routinely held on the side-lines of the G20 summit.

“BRICS countries have always met on the side-lines of summits like the G77+China and G20 to discuss matters regarding the bloc and coordinate their policies,” said South African Deputy Minister of International Relations and Cooperation, Luwellyn Landers.

Landers said that South Africa expected the summit to enhance stable economic growth and address the cause of the weak economic growth affecting some countries, particularly in the developing world.

According to Landers, the summit will take place as the world is facing sluggish global economic growth with some countries like South Africa facing further downgrades by rating agencies.

The summit should be targeting the developmental needs of all countries that currently face a turbulent economic situation, Landers said. “We need to take into consideration the global politics and the global economic downturn, which are the issues that would inform the outcomes of the G20,” said the official.

Landers said South Africa also expected the summit to talk about global terrorism, trade and investment. “We also need to talk about the fact that as countries we need to engage more on bilateral and regional levels with regards to trade and investment. That’s my reading of the situation,” said Landers.

Senegalese President Macky Sall has said that African governments expect that the upcoming G20 meeting under the chairmanship of China will usher in a new industrial take-off on the continent.

Africa now is ready than ever before for an industrial revolution and waits the September meeting of the G20 countries, said Sall.

“Our harmonization of country and regional level industrialization policies to ensure synergies with continental policy creates a conducive environment for partnership that is geared at improving lives in Africa,” Sall said.

He said that the chairmanship of China is a new opportunity given the partnership between the Asian country and Africa in the development of infrastructure.

“The resolution is expected to propel Africa’s industrialization process through capacity enhancement in science, technology, innovation and entrepreneurship,” he added.

Arjun Prasad Saha, CEO of Linuo Co.’s India branch, said that India could ask other G20 members to bring more investment to the country and make good use of its manpower. He hopes G20 leaders can talk about technology sharing and transfer.

Analysts said the just concluded China-India Financial Dialogue in Beijing last week has sent a clear message that the two economies are starting serious work on official and legal framework build-ups for future larger economic partnerships.

The conference was held, incidentally, just ahead of the upcoming G20 summit and BRICS Summit in Goa, which is to be held in October.

Officials from finance ministries and key foreign policy and investment and trade organs attending the conference agreed that it is essential for the two sides to share information and experiences in financial management and macro-economic policy making.

They also agreed to build platforms for such interactions while increasing dialogue within the G20, BRICS and other multilateral frameworks.