South Africa Finance Minister Affirms Conducive Business Environment, To Seek Investments At WEF

Finance Minister Enoch Godongwana has invited international investors to invest in South Africa as he assured of favorable business environment and implementation of structural reforms to overcome energy and logistics challenges aimed at supporting and expediting economic recovery.

"As government, we remain resolved to deal with the energy and logistics challenges that are adversely impacting our economy, the minister said as per SA News.

Godongwana's statement comes ahead of the annual World Economic Forum (WEF), which will be held in Davos, Switzerland, between Jan. 15 and Jan. 19 and will focus on rebuilding trust.

The minister noted that the annual meeting's theme will be interconnected to four themes: achieving security and cooperation in a fractured world, creating growth and jobs for a new era, artificial intelligence and a long-term strategy for climate, nature and energy.

Godongwana called the international community to invest in African nations, including South Africa which he termed as the gateway to the African continent.

"Today provides a platform for a frank discussion to enable government and business to align their message for Davos," he said. "As a government, we value this engagement. This is a testament to the presence of my colleagues."

The minister noted that though South Africa might not agree with all the policy issues with other African countries, he said it is important to find a common ground and speak as one in Davos during the meeting.

"The common message we are taking to the annual meeting is that South Africa remains open for business and is committed to creating a conducive environment," Godongwana said.

He also spoke about the African Continental Free Trade Area (AfCFTA), noting that this provides opportunities for South African businesses to grow globally as well as partner with local companies.

"Many of you have been attending the annual meeting for many years now, and I'm sure you will agree with me that these issues are ones that current and potential investors in our country and continent are interested in," he said.

During the media briefing, the minister also thanked the private sector for partnering with the South African government and helping the economic growth of the country.

He remarked that fiscal consolidation is required to deal with the soaring debt levels, adding that "structural reforms remain crucial to revive medium-term growth prospects amid constrained policy space."

"The green transition, increasing resilience to climate shocks, and improving food security for millions of people require strengthened multilateral frameworks and adherence to rules-based platforms for international cooperation," the finance minister said.