Corporate diplomacy the key focus as the world’s business leaders gather in South Africa

THIS week’s Group of 20 (G20) summit of heads of state and government kicks off in Johannesburg on Saturday (Nov 22). This is the first time the G20 summit will be held in Johannesburg, South Africa and it’s also the first one ever to be held on the African continent.

The lead-up to this weekend’s pow-wow includes the Business 20 (B20) meeting, which brings together international business leaders, policy makers and global partners.

The B20 is the official G20 dialogue forum with the global business community and over 2,000 executives are attending from across the world, including South-east Asia.

This reflects the fact that four of the 30 world leaders who will be in South Africa for the G20 are Indonesia President Prabowo Subianto, Malaysia Prime Minister Anwar Ibrahim, Singapore Prime Minister Lawrence Wong, and Vietnam Prime Minister Phạm Minh Chinh.

Singapore is not a member of the G20 but has been invited by South Africa as a guest country to participate in the G20 meetings.

The B20 takes place over three days from Tuesday to Thursday, with a key focus being corporate diplomacy – the importance of which has increased significantly in the volatile and ambiguous world that many corporations are facing.

The fragmented geopolitical landscape, rapid technological change and slowing globalisation are all factors that business leaders are navigating in this challenging reality.

In this context, corporate wins can now depend significantly on so-called non-market strategies, going beyond suppliers, customers, employees and competitors. The goal is engaging non-commercial entities such as governments, regulatory agencies, the media, and wider groups such as non-governmental organisations and activists through stakeholder engagement and alliance-building.

The key B20 meeting themes are “solidarity, equality and sustainability”. With the goal of driving shared prosperity and resilience across the global economy, there are three priority areas. These are, firstly, inclusive economic growth, industrialisation, employment and reducing inequality; secondly, food security; and thirdly, artificial intelligence (AI) and innovation for sustainable development.

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Business recommendations to political leaders

The B20 serves as a strategic platform aligning private-sector mobilisation with government policy priorities. One of the key goals of the B20 is to discuss and feed into the G20 leaders’ summit around 30 key policy recommendations developed alongside partners such as Business at OECD and the International Organisation of Employers.

These recommendations to be presented to the world leaders stem from eight business taskforces that have been set up with commercial leaders.

First, is the Industrial Transformation and Innovation group whose members include Dany Qian of JinkoSolar and Shinta Kamdani of Sintesa Group.

This taskforce has looked into how to drive industrialisation and innovation to foster inclusive economic growth, drive competitiveness, and advance development of emerging markets. Key recommendations that will be submitted to the G20 include the need to double down on industrial strategies co-created with business, expanding competitiveness for small and medium-sized enterprises, deeper regional trade integration, and faster adoption of green and digital technologies.

Second, is the Trade and Investment taskforce whose team includes Harsha Agarwal of the Federation of Indian Chambers of Commerce and Industry, and Miao Jianmin from the China Merchants Group.

This team has looked into how to optimise global trade and investment frameworks to unlock economic opportunities, foster collaboration, and enhance market access for businesses in Asia and beyond. Its top Key recommendations include enhancing stability in the creaking multilateral trade order, including strengthening the World Trade Organization, and embedding greater climate responsiveness into international trade rules.

Third, is the Digital Transformation group whose members include Ling Hai of Mastercard and Charles Murito of Google.

This team has looked into how best to promote the adoption of digital technologies and innovation to drive productivity, bridge the so-called digital divide, and enable more competitive economies. Its main recommendations include expanding inclusive infrastructure, embedding digital and AI education, and strengthening ethical governance of emerging technologies.

Fourth, is the Employment and Education taskforce whose team includes KP Krishnan of Shriram Capital Private Limited and Asif Valley of Microsoft.

This group has looked into how best to optimise inclusive growth through innovative solutions to create jobs and improve education systems, equipping workforces with skills for the future. Its recommendations include greater re-skilling, upskilling, and better adaptation to digital platforms to prepare employees to thrive in rapidly changing labour markets that are being reshaped by forces including AI.

Fifth, is the Integrity and Compliance group whose team members include Keki Mistry of the Housing Development Finance Corporation in India and Mary Obasi of the Bank of America.

This group has focused on how best to enhance business integrity and foster more transparent governance to build greater trust, ensure fairer practices, and help reduce corruption in the global economy. Its recommendations include enhancing the harnessing of technology for anti-corruption, and strengthening transparency in sustainability finance through global standards.

Sixth, is the Finance and Infrastructure taskforce whose team includes Benjamin Hung of Standard Chartered and Thierry Deau of Meridiam. This group has looked into mobilising resources for sustainable financing and infrastructure development, unlocking investments to drive economic recovery and resilience. Its recommendations include an agenda in improving cross-border financial flows to ensure that infrastructure investment supports sustainable and inclusive development.

Seventh, is the Energy Mix and Just Transition group whose members include Paolo Scaroni of Enel and Roger Martella of GE Vernova.

This group has focused, in the context of the recent COP 30 climate summit in Brazil, on accelerating the global energy transition while ensuring greater equity and resilience, with a focus on sustainable energy systems and inclusive economic growth. Its recommendations include more rapidly scaling transition finance, greater localisation of clean energy manufacturing, building skills for future growth of clean energy jobs, and investing more in resilient grids and infrastructure.

And eighth, is the Sustainable Food Systems and Agriculture taskforce whose team includes Debra Mallowah of Bayer and Nicole Roos of Nestle. This group has looked into promoting sustainable agricultural practices, improving supply chain resilience, and ensuring equitable access to good, nutritious food.

Its recommendations include the growing need to develop more resilient agrifood supply chains, securing expanded access to technologies and finance for farmers, and better integration of trade into food security strategies.

Taken together, this year’s B20 will play a key role in shaping the meetings and discussions of this weekend’s G20 summit. While not every B20 proposal will feature in the final G20 communique that will be issued on Sunday, the overall impact of the key business gathering will help shape the outlook of the global economy in 2026 and beyond.

Andrew Hammond is an associate at LSE IDEAS at the London School of Economics