22 January 2018

South Africa: Team SA to Restore Investor Confidence At WEF

A South African delegation led by Deputy President Cyril Ramaphosa says it will use the 2018 World Economic Forum (WEF) to restore investor confidence in the South African economy.

"The South African Team under the leadership of Deputy President Ramaphosa will utilise the opportunity presented by the World Economic Forum to communicate that South Africa remains open for business.

"It will also highlight the work that the government together with business and labour is doing to ensure an improved economic outlook and nurturing for a higher economic growth trajectory," said the Presidency on Monday.

The team arrived today in Davos, Switzerland, for the 2018 WEF Annual meeting scheduled from 23-26 January 2018.

The South African delegation led by the Deputy President, is comprised of a high level delegation that includes a broad range of leadership from various sectors of the economy and society, with Finance Minister Malusi Gigaba as the lead Minister and coordinator.

The meeting presents South Africa with a platform to showcase its attractiveness as an investment destination and trade partner.

From government, the Deputy President is supported by the Minister in the Presidency for Planning, Monitoring and Evaluation, Jeff Radebe; Economic Development Minister Ebrahim Patel; Trade and Industry Minister Rob Davies; Public Works Minister Nkosinathi Nhleko and International Relations and Cooperation Minister Maite Nkoana-Mashabane.

This year's event is held under the theme, "Creating a shared future in a fractured world".

According to the Presidency, the delegation will re-emphasise that South Africa has a stable and predictable macroeconomic framework which continues to underpin economic policy, ensuring that the country remains attractive for investment.

"The team will also be placing emphasis on its plans to transform the economy to ensure that its citizens enter new jobs and benefit from the new investments attracted in partnership with business and organised labour," said the Presidency.

The Deputy President will join various discussion platforms in Davos with an aim to develop a response to new strategies towards transforming governance in various parts of the world.

He will also hold various meetings with high-level political and business leaders from various countries.

Steps to restore investor confidence

Just last week, government announced a number of measures to strengthen governance and management of its State Owned Enterprises (SOEs), starting with the announcement of a new board at power utility, Eskom.

"This is part of an ongoing broader effort to restore confidence in the economy. The South African government will continue to act decisively to address challenges at its key SOEs to restore public and investor confidence and to ensure that they fulfil their economic and developmental mandates," said the Presidency.

Government also plans to continue with the implementation of 14 actions developed in 2017 to boost investor confidence.

The actions aim to ensure continuity of fiscal consolidation, funding and broader reforms in the areas of governance and private sector participation in SOEs.

The list of actions also includes the finalisation of outstanding legislation and policy positions to enhance investor confidence.

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