While the world prepares for the global Group of 20 summit in Johannesburg this year, some of the most powerful business leaders in the world are expected to touch down in Cape Town next month for a meeting of their own.
The Business 20 (B20) will be launched in late February as the official Group of 20 (G20) dialogue platform of the business community. The event is stoking expectations that business leaders such as Virgin founder Richard Branson and South African-born billionaire Elon Musk might attend.
Western Cape premier Alan Winde told Business Times that the launch of the B20 in Cape Town coincides with other big events on the business calendar including the Mining Indaba, President Cyril Ramaphosa’s State of the Nation address, and finance minister Enoch Godongwana’s budget.
“The launch of the B20 is happening in Cape Town on February 24 and 25. A busy time [with] the Mining Indaba, the opening of parliament, and course the launch of the Business 20.”
The G20 economies account for about 85% of global GDP. Speculation is rife that Branson will attend, and that Musk could appear in his capacity as the head of the US department of government efficiency.
“I’m sure that Richard Branson will be part of it because of the role he plays as an adviser to the president and business people who’ve been here for a while are the ambassadors of business.
“It will be prominent business leaders from all of the G20 countries and then, I think, because of the timing, you’re going to probably see an overlap from the Mining Indaba moving into the B20 and also you will have those extra business leaders coming and I’m pretty sure there are going to be a lot of big names here.”
Minerals Council South Africa CEO Mzila Mthenjane said the G20, and the related side event of the B20, presented a rare opportunity for South Africa, incorporating the various regions of the African continent, to profile the investment opportunities available on the continent that will lead to economic growth.
"At a time of heightened conversation about critical minerals, the G20 is an opportunity to elevate and position Africa’s development opportunities and role in contributing to supplying the minerals that the world needs for a low carbon future and achieving a just energy transition."
Outgoing Business Unity SA (Busa) CEO Cas Coovadia stepped down from Busa to take on the role of the B20 South Africa Sherpa. Busa will host the B20 with the support of Business Leadership SA.
Former Exxaro CEO Mxolisi Mgojo and Standard Bank chair Nonkululeko Nyembezi will co-chair the B20. Busa’s Busi Mavuso and Khulekani Mathe will co-chair a South African business advisory group.
“The G20 economies are among the largest in the world, and the G20 countries are major investment destinations for South Africa and Africa. We are keen on ensuring we promote not just our country but the continent too,” said Coovadia.
He said the launch would kick off a robust year of engagements and planning during which South Africa will manage eight task forces, comprising up to 200 senior business representatives from the G20 countries and the continent.
“These task forces will be the engines for policy debate and discussions, and their output will be a communication to Ramaphosa containing policy proposals for consideration by the G20 countries before their summit in November.”
Economist and executive director of Efficient Group Dawie Roodt said the gathering of business leaders at B20 was of major economic consequence as these leaders determined investment and spending in some of the biggest economies.
“We need business in South Africa to come together. Having all these various groupings is not healthy. Hopefully, with them coming together and working together, this will lead to a unified business voice in future.”
He said South Africa was ripe for a revolution in manufacturing but that businesspeople needed to put pressure on politicians to relax many impediments such as labour legislation and to improve efficiency. He said Musk’s presence would be a major boost to the gathering.
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