The
goal of the G20 Compact with Africa summit, which is bringing together leaders
from over a dozen African nations, is to support private investment in the
world's poorest, yet rapidly developing, continent.
German
government authorities have revealed that German Chancellor Olaf Scholz will be
hosting the conference in Berlin, which will feature attendance from French
President Emmanuel Macron, Dutch Prime Minister Mark Rutte, and President of
the European Commission Ursula von der Leyen, all of whom demonstrate fresh
interest in Africa.
After
holding bilateral talks with a number of African nations on Sunday, Scholz—who
has traveled to Africa multiple times since taking office in late 2021—will
attend a German-African investment summit at Berlin's Marriott Hotel on Monday
morning.
In
the second-most populous continent in the world, Europe, the United States, and
China are vying for geopolitical clout, vital minerals, and fresh economic
prospects.
Those
include Africa's potential for renewable energy production, in particular green
hydrogen, that could help its northern neighbor's transition to a carbon
neutral economy. The stability and prosperity of the continent is also seen as
key to reducing illegal migration.
The
Compact with Africa, which was created in 2017 under the German G20 presidency,
aims to bring together reform-minded African countries, international
organizations and bilateral partners to coordinate development agendas and
discuss investment opportunities.
The
African Union, which became a permanent member of the G20 group of the world's
most powerful nations in September, will hold a press conference before of the
event, which is officially held on Monday afternoon in the German chancellery.
A
German government official stated on Friday, "We will not make a common
declaration, we do not want to force our African partners into a tight
corset." "Instead, we want concrete results."
According
to German government representatives, Africa can be extremely helpful to
Germany in achieving its green transition, securing skilled labor, reducing
illegal migration, and improving supply chain diversification.
African
nations have long lamented that, despite Europe's promise of investment, China
really delivers funding without passing judgment on morality. Still, Chinese
lending in Africa is in decline, while European interest is rising as it seeks
to diversify supply chains.
German
trade with Africa was 60 billion euros ($65.4 billion) last year, which is a
fraction of its trade with Asia but up 21.7% on 2021.
Nearly
two thirds of German companies want to expand their business in Africa,
according to a study by KPMG and the German-African Business Association.
The
member countries of the G20 Compact are Morocco, Tunisia, Egypt, Senegal,
Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic
Republic of Congo and Ethiopia.
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