Role of Development Finance in Africa's steady rise in global affairs

The African continent is not a 'Sleeping Giant' anymore and South Africa's steady rise in global affairs could be considered as reflective of the region's increasing multidimensional prominence and power. The viewpoint prevails, however, that Africa is under-represented in international institutions that play a crucial role in shaping the world's future.

- BY LYNN OCKERSZ

The above view is held by Dr. Nimrod Zalk, one of South Africa's specialists in Industrial Policy and Development Finance, for instance, who adds that South Africa could utilize its membership in the globally dominant BRICS grouping to further the legitimate interests of the African continent. Among other positions, Dr. Zalk is on the Board of the South African Development Corporation.

Dr. Zalk was in Sri Lanka recently to participate in an international conference conducted by the Bandaranaike Centre for International Studies, Colombo (BCIS) to mark the 70th anniversary of the Bandung Conference of 1955, which was chiefly instrumental in initiating South-South cooperation in the immediate post-colonial years.

In an exclusive interview with this columnist Dr. Zalk said that besides working towards its interests in groupings such as BRICS, the South should exploit the 'enormous potential for Southern cooperation' in the Non-aligned Movement (NAM). He added that while avoiding any tendencies to 'romanticize' South-South cooperation in the NAM context, Southern countries should strategize on how to collaborate with each other. 'Non-alignment' should be used as a strategic instrument. For instance, instead of choosing sides in the power tussle between the US and China, Southern countries should use this relationship to further their best interests while maintaining cordiality with both powers, Dr. Zalk added.