Tough but progressive WEF

SA: TOP DESTINATION FOR INVESTMENT

Participation reinforces belief that ‘cooperation can lift economic growth’.

The South African delegation had a tough but productive trip to the World Economic Forum’s (WEF) annual meeting in Davos last week, where it used the platform to meaningfully engage investors, civil society, businesses and governments and drove home the message that the country remains a top destination for growth and investment.

According to a statement from the department of finance, the overall WEF 2024 theme, “Rebuilding trust”, underlined South Africa’s continued role as a regional and global leader in the international community.

The delegation was led by Finance Minister Enoch Godongwana – who was joined by the ministers of trade, industry and competition; higher education, science and innovation; communications and digital technologies; and health – as well as representatives of Brand South Africa, business executives, entrepreneurs and civil society leaders.

Godongwana says South Africa’s participation in global forums such as WEF reinforced the belief in the value of multilateralism and the spirit of cooperation as a critical part of an overall strategy to lift economic growth.

“Countries stand to benefit from the common pursuit of a fairer, more inclusive and representative global system.”

The delegation had to answer questions about the progress South Africa is making in economic reforms – particularly in areas of energy, transport and logistics, as well as fighting crime.

“We used the opportunity... to remind our partners around the world that SA has made tremendous progress in the past 30 years since we achieved democracy.

“Yes, we face a number of obstacles to achieve policy that balances fiscal sustainability, growth-accelerating reforms and targeted spending on social services and infrastructure, but we are forging ahead and making good progress,” said Godongwana.

The WEF meeting offered South Africa’s policymakers a genuine and rare opportunity to speak directly to a cross spectrum of stakeholders in global affairs and exchange views on how to weather the rise in geopolitical and economic tensions that shape today’s world, according to the department. – inao@citizen.co.za