World Economic Forum on Africa opens in Cape Town

June 4th, 2008 - 6:38 pm ICT by IANS  

Cape Town, June 4 (DPA) The World Economic Forum on Africa opened in Cape Town Wednesday against the backdrop of rising food prices that further aggravate food insecurity on the continent. Around 800 political and business leaders from over 50 countries are attending the three-day summit, which will discuss, among other things, how Africa can confront the global food and energy crises.

The forum organisers Wednesday highlighted Africa’s growing ties with emerging economies such as India and China as well as with Gulf states.

Dubai investment group Dubai World used the occasion of the gathering to announce a further $1 billion in investment on the continent over the coming five years, mainly in property in the Cape Town area.

The group in 2006 already scooped up the city’s “golden mile”, the Victoria & Alfred Waterfront, in a 7-billion-rand ($900 million) deal.

The xenophobic attacks that claimed dozens of lives of mostly African migrants in South Africa last month were also expected to come up at the forum that is being attended by several African leaders.

Analysts have warned of a possible fallout from the attacks on South Africa’s business with its neighbours.

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