It is a newly optimistic team made up of government ministers and business leaders heading to the annual WEF meeting in Davos that starts on Monday. President Cyril Ramaphosa will lead the South African delegation for the first time.
The World Economic Forum (WEF) annual meeting 2025 will convene global leaders to address key global and regional challenges including responding to geopolitical shocks, stimulating growth to improve living standards and stewarding a just and inclusive energy transition. The theme for 2025 is ‘Collaboration for the Intelligent Age’.
WEF is the international organisation for public-private cooperation and provides a global, impartial and not-for-profit platform for meaningful connection between stakeholders to establish trust and build initiatives for cooperation and progress.
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The South African delegation from government will include Minister of Finance Enoch Godongwana, Minister of Trade, Industry and Competition Parks Tau, Minister of Higher Education Nobuhle Nkabane, Minister of Communications and Digital Technologies Solly Malatsi, Minister of Electricity Kgosientso Ramokgopa, and Minister of Health Aaron Motsoaledi.
Business leaders such as Discovery CEO Adrian Gore, FirstRand CEO Mary Vilakazi, Nedbank CEO Jason Quinn, and Chair of Standard Bank Nonkululeko Nyembezi, will also be part of the delegation.
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Gore said at a media briefing on Thursday that the delegation will tell the world that South Africa is a very different place than before and open for business. Investors often see South Africa as a beautiful country with great potential but on the decline. The delegation will work to change that perception and tell investors that South Africa is now poised for growth, he said.
“There is a powerful feeling among ministers and business leaders about where we are. We are going to Davos in a unified way with a strong message.”
However, Vilakazi warned that investors have been bitten a few times because South Africa did not do what it said it would do before. “Therefore, the sentiment has generally been that investments will flow into South Africa once they see more concrete delivery on the action plans that have been articulated.”
Godongwana said the WEF annual meeting brings together a wide array of key global stakeholders. “These audiences are keen to understand the opportunities and challenges facing South Africa.
“It is essential that we align our key messages to showcase our country’s strengths, address misconceptions and advance our collective priorities. By presenting a unified message, we can enhance South Africa’s standing and influence in the global community.”
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Godongwana said this year’s WEF theme speaks directly to the era we are entering that is defined by transformative technologies and interconnected challenges. “For South Africa, this theme resonates deeply.
“Collaboration is the foundation upon which we can harness innovation to address our economic and social challenges, while ensuring that technological advancements are inclusive and equitable.”
He said the fact that the president will lead the delegation presents a golden opportunity to not only strengthen South Africa’s visibility on the world stage, but to also profile the country’s G20 presidency.
“Under the theme of Solidarity, Equality and Sustainability, our G20 presidency reflects the essence of South Africa’s vision for global leadership.”
Godongwana said solidarity emphasises the power of unity and mutual support, recognising that our interconnected world requires cooperative solutions to shared challenges, while equality focuses on creating fair opportunities for all and addressing systemic disparities, ensuring that no one is left behind in our pursuit of global development.
“Sustainability reminds us of the need to balance economic growth with social inclusion and environmental stewardship, ensuring a brighter future for generations to come.”
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Turning to the state of the South African economy, he said government acknowledges the challenges the country faces.
“The third quarter gross domestic product (GDP) contraction, combined with the slight downward revision of the second quarter GDP, resulted in modest growth of 0.4% over the first three quarters of 2024. This was below the projections included in the 2024 Medium Term Budget Policy Statement (MTBPS) macroeconomic forecast.
“However, we remain cautiously optimistic. There are significant upside risks to growth in the final quarter, including faster-than-anticipated easing of inflationary pressures, improved electricity reliability and the stimulus effect of the withdrawals of the two-pot retirement system.
“While the road ahead is challenging, these positive indicators provide a foundation for stronger growth in 2025 and beyond.”
In addition, Godongwana pointed out that South Africa’s government of national unity (GNU) has demonstrated its potential to unite the nation and foster progress. “This era of governance has allowed for meaningful discussions on accelerating structural reforms.
“The positive reception from both the markets and the public has created a conducive environment for the GNU to deliver on its commitments and build an investment-friendly environment.”
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