International relations
SA shines at WEF 2018
South Africa's participation at the 2018 World Economic Forum (WEF) in Davos, Switzerland, was hailed as a success by the head of the South African delegation – then Deputy President and current President Cyril Ramaphosa.The stage is set for more investors to turn their interests to South Africa, during an exciting period of renewal for our country and its economy.
The World Economic Forum (WEF), held from 23 to 26 January, saw more than 3 000 government and private sector representatives coming together in snowy Davos, under the theme “Creating a shared future in a fractured world”.
The aim of the forum is to engage the world's most prominent political, business and other leaders of society, in order to shape global, regional and industry trends. More than 400 working sessions were held at this year's gathering.
On a global scale, some of the most notable points raised and discussed at the meeting included closing the gender pay gap, fighting financial crime and modern slavery, ramping up ocean conservation efforts, and combatting poverty. Some other highlights included:
■ The three greatest threats to civilisation.
Indian Prime Minister Narendra Modi warned that climate change, terrorism and backlash against globalisation are posing the biggest threats to our world, and need to be guarded against.
■ Preparing for anticipated job losses.
Millions of workers across the world are expected to lose their jobs due to technological development. At the WEF, emphasis was placed on the need for governments and businesses to reskill people in order to create sustainable employment.
■ Tackling waste and pollution. Some of the world's largest companies, including CocaCola and Unilever, are partnering with national governments to curb electronic waste and plastics pollution.
■ Tackling the cyber threat.
The event was a platform for launching the Global Centre for Cybersecurity, which aims to create a safer cybersecurity environment for new technologies such as robotics, drones and artificial intelligence. Wrapping up the final session, Burrow celebrated the “spirit of inclusion, diversity and respect for human rights that characterised this year's meeting”.
South Africa's experience at WEF 2018
President Ramaphosa and the delegation – which included several ministers – were intent on engaging with potential investors, fellow politicians and financial institutions to foster partnerships and promote South Africa as an attractive investment destination. The forum presented South Africa with various platforms to outline the country's efforts to secure sustainable and inclusive economic growth. Some of these valuable platforms included bi-lateral discussions, media interviews with global media houses, an international press conference and a business dinner hosted by Brand South Africa.
President Rampahosa held fruitful meetings with the political leaders of Rwanda, Angola, Zimbabwe, Guinea, Mauritius, Somalia, Singapore, Qatar, Denmark, the Netherlands and Great Britain, as well as with business leaders. The President also commended the ministerial delegation on their intensive engagements on WEF platforms and their discussions with counterparts in government, as well as with investors.
He said that all parties he engaged with were excited about the prospects of partnering with and investing in South Africa.
“We go back home filled with a great deal of confidence in the confidence that the international investing community has in us. They have demonstrated that South Africa is still an important destination for investment. In all of the meetings we've had, we have had nothing negative said about the country,” he said.
The President's sentiments echo those of global investment bank Goldman Sachs, which – just before the conference – named South Africa as the “big emerging market story” of 2018 in a report in December. According to President Ramaphosa, the confidence of investors has been buoyed by government's renewed efforts to tackle corruption, improve stateowned enterprises and capitalise on the strong relationship between labour, business, government and civil society.
“We go back home with a bagful of investment commitments. Many of the business leaders that I have met have said that they are buoyed by this new mood in the country, we can reconnect with you and invest with you again,” the President said.
The delegation also participated in a Country Dialogue on South Africa, where investors were assured that the country is undergoing a period of renewal and reform that will open new opportunities for South Africans and international partners alike.
InvestSA
During the Forum, the South African delegation was also focused on promoting InvestSA, an initiative of the Department of Trade and Industry which offers a One-Stop Shop service to all investors.The service is a focal point of contact for all investors to coordinate with relevant government departments involved in regulatory, registration, permit and licensing requirements.
The One-Stop Shop aims to significantly shorten and simplify administrative procedures, thereby removing the bottlenecks faced by investors.
With the most diversified and industrialised economy in Africa, rich natural resources, a thriving manufacturing industry and worldclass infrastructure, South Africa is well and truly open for business.
“In all of the meetings we’ve had, we have had nothing negative said about the country.”