Johannesburg, South Africa – 12 January 2023: President Cyril Ramaphosa accompanied by four ministers, will lead a strong delegation of South African business leaders and government officials will travel to Switzerland to represent South Africa at the 52nd edition of the World Economic Forum (WEF) Annual Meeting, which will take place from 16 to 20 January this year.
The delegation includes Minister of Finance, Enoch Godongwana; Minister of Trade and Industry, Ebrahim Patel; Minister of International Relations and Cooperation, Naledi Pandor; Minister of Human Settlements, Mmamoloko Kubayi and Minister of Higher Education, Science and Technology, Blade Nzimande.
This year’s WEF Annual Meeting, taking place in Davos, Switzerland, will be held under the theme “Cooperation in a Fragmented World”, a theme that resonates with economic and political challenges currently facing the world including a looming global recession, high energy prices, rising inflation, climate change, and the ongoing Russia-Ukraine war.
The meeting is expected to be attended by more than 2,500 leaders from business, government, and civil society, who will seek to find solutions to challenges plaguing the world.
Team South Africa will use the opportunity at WEF 2023, to showcase South Africa to potential investors and provide feedback on the country’s structural reforms implemented to boost its competitiveness, attract investment, and stimulate economic growth.
The economic reforms, introduced in October 2020 at the height of the covid-19 pandemic, are projected to add a cumulative R438 billion by 2030 to South Africa’s gross domestic product (GDP). The reforms are far reaching and are aimed at ensuring South Africa’s energy security, reduce red tape, lower cost of doing business, and give the transport and communications infrastructure a facelift.
On 14 December 2022, the Presidency and National Treasury released a progress report on the implementation of the structural reforms, also known as Operational Vulindlela.
The report stated that 48% of Operation Vulindlela’s economic reform milestones have either been completed or are on track.
These reforms also include facilitating private investment in electricity generation, reducing backlog in issuing of water use licences, ending a more than 10-year delay in the auction of high-demand spectrum, and overhauling the work visa system to attract skills and investment.
Sithembile Ntombela, Acting CEO of Brand SA, says South Africa is an attractive investment destination and the 6th most desired country to relocate to globally, thanks to its academic prowess and ease of doing business. These attributes play a significant role in helping South Africa attract and leverage tourism, investment, and study opportunities. This is despite the country facing electricity supply constraints due to load shedding.
“By far, the energy sector will likely receive the most attention given the reforms being implemented are able to attract private investment to boost electricity generation and root out corruption in coal-purchasing and power plant procurement,” explains Ms Ntombela.
“I am confident that the South African delegation will add value to the engagements and deliberations that are going to take place in Davos. We are going to showcase to the world our country’s capabilities and investment opportunities,” concludes Ntombela.
Issued by Brand South Africa
Notes to the Editor
Contact: Phindi Mathebula
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About Brand South Africa
Brand South Africa is the official marketing agency of South Africa, with a mandate to build the country’s brand reputation, to improve its global competitiveness. Its aim is also to build pride and patriotism among South Africans, to contribute to social cohesion and nation brand ambassadorship.
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