South Africa Has Made Tremendous Progress In The Past 30 Years: Finance Minister

South Africa's Finance Minister Enoch Godongwana highlighted how the country has made tremendous progress in the past 30 years.

He made the comment after returning from the World Economic Forum (WEF) annual meeting that was held in Davos, Switzerland, from Jan. 15 to Jan. 19.

The South African delegation was led by the finance minister and included Minister of Trade and Industry Ebrahim Patel, Minister of Higher Education, Science and Technology Blade Nzimande, Communications Minister Mondli Gungubele and Health Minister Dr. Joe Phaahla.

"We took the opportunity of the WEF Davos gathering to remind our partners around the world that South Africa has made tremendous progress in the past 30 years since we achieved democracy," Godongwana said Monday, SA News reported.

"Yes, we face a number of obstacles to achieving policy that balances fiscal sustainability, growth-accelerating reforms, and targeted spending on social services and infrastructure. However, we are forging ahead and making good progress," he added.

The finance minister went on to explain that the forum provided a genuine and rare opportunity for South Africa's policymakers to speak directly with a spectrum of stakeholders in international affairs and exchange their views on geopolitical and economic tensions shaping the world.

Godongwana said that the top priority on the agenda was to discuss was climate, technology, trade and multilateral cooperation as South Africa is slated to host G20 next year.

Aside from G20, the country is also playing an important part in the expansion of the BRICS group alongside the "deepening of intercontinental economic integration through the African Continental Free Trade Area."

The five-day annual meeting was 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.

Last week, Godongwana said during a panel discussion at WEF that South Africa is committed to bringing structural reforms in the areas of electricity, infrastructure, water and logistics to boost the country's economy.

He explained that these structural reforms will help to cut costs and increase the quality of digital communications, stabilize the electricity supply and provide sustainable water supply. Furthermore, it will also create a visa regime to attract skills and grow tourism.