CAPE TOWN, South Africa — The Honourable Julian Fantino, Minister of International Cooperation, participated today in a regional World Economic Forum in Cape Town, South Africa, demonstrating continued Canadian leadership in responsible resource development to help African people who are most in need toward prosperity. This event built on the successful Extractives for Development meeting co-hosted by Minister Fantino and the World Economic Forum in Toronto in March 2013.
Extractive resources, if managed responsibly, can lead to sustainable economic growth, jobs, and the alleviation of poverty in developing countries, said Minister Fantino. "With 10 percent of the world's proven oil reserves, 40 percent of gold, and as much as 90 percent of chromium and platinum metals, Africa is uniquely positioned to reap the rewards of responsibly managed extractive resources."
Minister Fantino joined leaders of African countries, non-governmental organizations and extractive resource sector businesses at the World Economic Forum. Discussions focused on a shared understanding of the value from natural resource development, how to improve transparency, and finding ways to build stronger relationships between civil society groups, governments, and private sector companies.
Minister Fantino highlighted the many ways that Canada is assisting developing countries in Africa through such vehicles as the Canadian International Institute for Extractive Industries and Development and the new African Mineral Development Centre (AMDC), which is responsible for implementing the African Mining Vision. The AMDC will provide technical and policy support to African countries that want to maximize the benefits of their resource wealth.
Canada is also a leading proponent of the Extractive Industries Transparency Initiative (EITI). On October 4, 2012, Prime Minister Harper announced Canada's support to help bring the Government of Tanzania into compliance with the EITI. This initiative compels extractive companies in Tanzania to publish information about what they pay to governments, and requires governments to disclose what they receive from extractive companies.
Through the African Mining Vision, African leaders have made it clear that they want to manage their resources in a responsible and transparent way, said Minister Fantino. "Canada's support for responsible extractive sector development will help leaders realize their shared vision of a prosperous and self-sufficient continent."
Economic Action Plan 2013 affirms Canada's commitment to international development investments to stimulate sustainable economic growth. The new Department of Foreign Affairs, Trade and Development will maintain the mandate of poverty alleviation and help achieve greater efficiency, accountability, and focus to continue to improve the lives of people in need around the world.
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