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Zimbabwe’s Meikles Limited has made the cut in this year’s World Economic Forum Global Growth Companies regional finalists.
Meikles, one of the largest conglomerates in Zimbabwe, with over 100 years of history made the cut together with Ethiopian Airlines, South Africa’s PPC Limited a leading cement supplier in the region and Nigeria’s Waltersmith Petroman Oil Limited.
“The four companies have been given the opportunity to join the larger GGC community at the World Economic Forum on Africa, taking place in Cape Town,” said the World Economic Forum in a statement.
“This is the first stop on their journey towards the Annual Meeting of the New Champions in September, in Dalian, People’s Republic of China, where the Forum will recognise and honour the selected 2015 class of GGCs.”
GGCs are fast-growing companies with the potential to become global economic leaders.
Representing a broad cross-section of industry sectors, the nominees share a track record of exceeding industry standards in revenue growth, promotion of innovative business practices and demonstration of leadership in corporate citizenship.
David Aikman, Managing Director and Head of New Champions at the World Economic Forum said the forum was proud to recognise these four companies, which are at the forefront of driving responsible economic growth, job creation and entrepreneurship in Africa.
In 2015, the World Economic Forum on Africa marks 25 years of change in Africa.
Over the past decade and a half, Africa has demonstrated a remarkable economic turnaround, growing two to three percentage points faster than global GDP.
Regional growth is projected to remain stable at 4,5 percent this year buoyed by rising foreign direct investment flows, particularly into the natural resources sector, increased public investment in infrastructure and higher agricultural production. With the world’s largest youth demographic, Africa’s working-age population is expected to double to 1 billion in the next 25 years, surpassing both China and India.
This year is also significant for Africa, as it marks the end of global, regional and local efforts to meet the millennium development goals aimed at eradicating poverty.
According to the Forum, double-digit growth is now needed for sustainable development.
So the onus is on leaders to address systemic structural changes that can boost investment, enhance competitiveness, strengthen risk resilience and harness opportunities arising from technology adoption in all sectors.
This growth is also necessary to diminish vulnerability to commodity price fluctuations, capital market volatility, mounting public debt, climate change and persistent development challenges. – CNBC/Business Reporter.
Online Reporter