Accra, June 22, GNA - The British Prime Minister, Mr Tony Blair on Wednesday welcomed the establishment of Business Action for Africa. The Business Action for Africa is an economic think tank platform for governments, the business community and the academia to interact and trade ideas.

Mr Blair, who had been championing Africa's development agenda across Europe, said Business Action for Africa would provide opportunity for private sector cooperation on Africa, through dialoguing with government and the industrialised world. It would also offer a new channel to foster vigorous private sector engagement, a statement made available to the Ghana News Agency by Business Action for Africa Summit, London said.

According to statement Sir Mark Moody-Stuart, Chairman of Anglo American (Plc) and Chair of the G8 Business Action for Africa Summit, said: "The business community stands ready to play its full part in promoting a successful and prosperous Africa, in partnership with governments, civil society and donors."

"There would only be sustainable development in Africa if the increase in government aid flows were complemented by a resurgence of enterprise - foreign direct investment, yes but also a business enabling environment and trade regime for indigenous African businesses of all sizes' he said.

Sir Moody-Stuart said the Summit was an opportunity for a diverse set of businesses with shared objectives for Africa to come together to speak with one voice, and act with one purpose - to showcase and spread good business practice, share ideas and work together for greater impact.