DURBAN, South Africa, May 11, 2017 /PRNewswire/ -- 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 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."
Rene Awambeng, African Export-Import Bank's Director of Client Relations, delivered a keynote address on sustainable economic transformation. Lead organizational partners included the Rockefeller Foundation, KPMG, and African Technology Foundation.
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 developing economies is expected to pick up in 2017 and 2018, after a lackluster performance in 2016, projected KPMG.
Session outcomes included a call for greater advocacy with governments in creating an enabling business environment, boosting energy access, strengthening markets in growth sectors like agriculture, and encouraging youth economic participation.
A special breakfast discussion with officials from the Millennium Challenge Corporation outlined how the MCC determines country eligibility and assesses policy performance on its scorecard. In rapid-fire presentations with Africa Today TV anchor Carol Pineau, U.S. and African private sector leaders discussed improving country scorecard performance and highlighted "investment readiness" of MCC eligible countries.
An evening reception launched the "Making Farming Cool!" podcast series to inspire African youth to explore careers in the agriculture sector. A luncheon sponsored by FairPlay Movement highlighted impact of illegal dumping on local industries and promoting trade competitiveness.
Collaborating Partners were African Development Bank and African Export-Import Bank (Afeximbank) and sponsors included Dangote Group, Illovo Sugar Group, KPMG, Orrick, Chevron, Contour Global; UPL, Endeavor Energy, Fair Play Movement, Hollard Business Insurer and EAI Information Systems.
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SOURCE Initiative for Global Development