‘Tough but productive trip’ to World Economic Forum

The South African delegation had a tough but productive trip to the World Economic Forum’s 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 World Economic Forum (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 minister of finance Enoch Godongwana and he was joined by minister of trade, industry and competition Ebrahim Patel, minister of higher education, science and innovation Blade Nzimande, minister of communications and digital technologies Mondli Gungubele and minister of health Joe Phaahla, as well as representatives of Brand South Africa, business executives, entrepreneurs and civil society leaders.

Godongwana says that South Africa’s participation in global forums such as WEF Davos 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.

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Answering questions on SA progress at World Economic Forum

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

“We used the opportunity at the WEF Davos gathering to remind our partners around the world that South Africa 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.”

According to the department the World Economic Forum 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.

Climate, technology, trade and multilateral cooperation were high on the agenda, as was South Africa’s upcoming presidency of the G20 in 2025. The department says in addition to its participation in the G20, the country is playing a key part in the expansion of the Brics group, as well as the deepening of intercontinental economic integration through the African Continental Free Trade Area (AfCFTA).

Godongwana stressed the importance of the bloc to reform international decision-making bodies to better reflect contemporary power and economic realities at a panel discussion on the Brics in Expansion in August 2023 at a summit in Johannesburg.

“Although individual economic circumstances in Brics+ will vary, there will be common interests that will allow the bloc to forge consensus on the urgency of sustainable economic development. The expansion will help the Brics Group to be the voice of the global south,” he said.