WEF meeting starts in Davos with B20 SA and Ramaphosa

The annual meeting of the World Economic Forum (WEF) started in Davos, Switzerland on Monday, with B20 South Africa and President Cyril Ramaphosa leading the South African delegation.

As South Africa prepares to host the G20 Summit and the Global Business Forum for G20 (B20) in November, a delegation from B20 South Africa is attending the World Economic Forum meeting. The delegation is led by Cas Coovadia, the B20 South Africa Sherpa, along with co-chairs Mxolisi Mgojo and Nonkululeko Nyembezi.

Nyembezi says this participation is vital for highlighting South Africa’s significant role in global affairs as the country takes on the presidency of both the G20 and B20, an unprecedented milestone as it is the first time these forums are hosted in Africa in their current forms.

The B20 serves as the official private-sector engagement group of the G20, providing a crucial platform for business leaders to share their insights and influence G20 discussions.

Nyembezi points out that South Africa’s aim is to encourage participation from a diverse range of economies to foster inclusivity and collaborative strategies for tackling global challenges, which is essential for driving sustainable growth and prosperity.

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South Africa going to tell a good story at WEF meeting

“The South African narrative is positive and strong. It is a story of increasing stability and growth. Our focus is on important topics, such as trade and investment, digital transformation and sustainable energy transitions. These priorities reflect our commitment to building a more inclusive and resilient global economy.

“By improving trade flows and keeping markets open, we can foster equitable growth that benefits everyone. Investing in strong financial systems and infrastructure will empower emerging economies, and leveraging digital innovation will unlock new global opportunities.”

She said the B20 group will also emphasise several key strategic priorities, including integrity and compliance, as well as education and employment. “These priorities are essential for sustainable development and are necessary to meet the demands of a rapidly evolving market while ensuring a fair transition that leaves no one behind.”

Mgojo emphasised that the B20 group’s presence at the WEF is important for promoting global collaboration and addressing critical issues facing both government and the private sector. “We seek to foster meaningful dialogues that will inform our policy recommendations across the eight B20 task forces.

“Our participation in WEF is an opportunity for the B20 South Africa leadership team to highlight the competitiveness of African businesses internationally while promoting policies that contribute to global stability and economic growth.”

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WEF meeting to foster new partnerships

According to the Presidency, the meeting, convened under the theme “Collaboration in the Intelligent Age”, will foster new partnerships and insights to shape a more sustainable, inclusive future in an era of rapidly advancing technology.

Global leaders convene at the WEF to address key global and regional challenges that include responding to geopolitical shocks, stimulating growth to improve living standards and stewarding a just and inclusive energy transition.

South Africa’s innovation and technology is crucial in driving economic development and addressing societal challenges, thus aiming to leverage technological advancements to promote inclusive growth and enhance global competitiveness. This would be achieved by modernising industries, advancing skill development, and improving public services, the presidency says.

Ramaphosa will deliver a special address to the WEF where he will present the economic priorities of South Africa’s government of national unity (GNU) and advance the country’s G20 presidency themed “Solidarity, Equality, Sustainability”.

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South Africa to leverage G20 platform at WEF

Vincent Magwenya, spokesperson for the presidency, says South Africa is committed to leveraging the G20 platform to highlight the significance of fostering economic growth while ensuring social inclusion and environmental stewardship.

“During the G20 presidency South Africa will endeavour to create equitable opportunities for all by addressing systemic disparities and promoting unity and mutual support to address shared global challenges collaboratively.”

He says the WEF meeting is a valuable opportunity for South Africa to demonstrate its potential as a hub for global investments and its ongoing structural reforms. “South Africa’s delegation, which includes key government and business leaders, will engage with international stakeholders to strengthen partnerships and advance South Africa’s economic and social agenda.”

Through these engagements, he says, South Africa aims to reaffirm its role as a key player in the global community, contributing meaningfully to discussions on sustainable development and collaborative solutions for a better future.

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SA ministers at WEF

Ramaphosa is accompanied by:

• Ronald Lamola, minister of international relations and cooperation
• Enoch Godongwana, minister of finance
• Parks Tau, minister of trade, industry and competition
• Dr Kgosientsho Ramokgopa, minister of electricity and energy
• Dr Blade Nzimande, minister of science, technology and innovation
• Dr Solly Malatsi, minister of communications and digital technologies
• Dr Dion George, minister of fisheries, forestry and environment
• Dr Aaron Motsoaledi, minister of health and
• John Steenhuisen, minister of agriculture.

According to CNBC Donald Trump, the new US president is expected to address the WEF via live video link on Thursday, but a number of key leaders will be completely absent, such as Indian Prime Minister Narendra Modi and Chinese President Xi Jinping, as well as French president Emmanuel Macron, Italy’s leader Giorgia Meloni and British prime minister Keir Starmer.

The only head of state from the Group of Seven (G7) industrialized nations, which includes the US, Europe’s biggest economies, Canada and Japan, who will attend the summit in person is outgoing German chancellor Olaf Scholz.