Africa-Press – Botswana. The B20, the business forum of the G20, kicked off here, with leaders calling for global cooperation to fight pressing economic and development challenges, despite growing geopolitical divisions.
The B20 serves as the official G20 dialogue forum with the global business community, bringing together business leaders from G20 member countries and beyond. Each year, the B20 provides a platform for companies and business organisations to articulate their perspectives on pressing global economic and trade issues.
This year, however, the meeting takes place amidst heightening global geopolitical tensions, with US President, Donald Trump, having pulled his country out of the G20, citing false allegations of a genocide against Afrikaner farmers in South Africa.
However, leaders at the B20, with more than 2,000 delegates in attendance, said businesses were united in resolving issues such as climate change, inequality, digitisation and others, regardless of the geopolitical tensions at the G20.
“We hope that the G20 this year will arrive at consensus, and we will work tirelessly to help that along, but we cannot guarantee it,” said Nonkululeko Nyembezi, B20 co-chair at the opening today. “Business, however, is different. In many ways, the B is easier than the G.”
She said while challenges have affected politics this year, global business has continued to engage in a friendly, respectful dialogue and to seek consensus.
“This is not because businesspeople are saints, but because of the deep industrial logic of commerce itself. “Individuals and businesses compete vigorously within markets, but we are equally drawn to cooperate within fair, rule-bound systems. “We all know that business thrives where trust, predictability, and transparency exist. “That, in essence, is what South Africa has aimed to reinforce during our B20 presidency.”
Nyembezi’s co-chair, Mxolisi Mhoja, told that an example of businesses leading global consensus on development challenges, could be seen in the B20’s recommendations around climate change.
“I keep saying who is pulling out of the climate agreements? It’s the countries that are pulling out, not the businesses. “Even in the US in Trump’s first term, he pulled himself out but businesses continued to say that climate issues are important for their business. “So they continue to say that ‘we’re going to implement these measures within our own companies to ensure that we remain resilient’. “It’s about creating resiliency, because if you don’t do any form of climate adaptation for your business, you’re not going to be resilient,” he said.
In September, the B20 handed over 30 recommendations, drawn from eight task forces and 1,000 businesses to the G20 Presidency. The recommendations cover solutions to address key global priorities, such as proposals aimed at reducing unemployment, boosting economic growth through trade, gender inclusivity, strengthening financial infrastructure and prioritising food security.
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