25 May 2018

South Africa: WEF Chair, Klaus Schwab Offers Ramaphosa a Leg-Up for SA's Investment Drive

analysis

World Economic Forum (WEF) founder and executive chairman Professor Klaus Schwab offered to bring almost 100 business people to South Africa for a round table on investment. This emerged during an engagement with President Cyril Ramaphosa and the South African National Editors' Forum (Sanef) at the Presidential Tuynhuys offices at Parliament on Thursday. Such a phone call is possibly one of the strongest indication that changes could be afoot after years of scandal-ridden, politically-troubled administration that saw South Africa downgraded to junk status by two of the three international rating agencies.

Investment, specifically raising $100-billion (R1.3-trillion) over the next few years, has emerged as a thread through the President Cyril Ramaphosa administration that on Friday marked Day 99 of his first 100 days.

It first arose in Ramaphosa's State of the Nation Address (SONA) on 16 February and was backed up a month later with the appointment of four investment envoys, including former finance minister Trevor Manuel and former deputy finance minister Mcebisi Jonas. Also appointed were private sector personalities Phumzile Langeni, Afropulse Executive Chairperson and non-executive director in various boards, and Liberty Chairman Jacko Maree.

"While total fixed investment in our economy stood at 24% of GDP (gross domestic...

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