SA is still dedicated to fostering an atmosphere that is favorable to business.

Estimated read time 3 min read

According to Finance Minister Enoch Godongwana, South Africa is committed to fostering an environment that encourages business and is still open for business.

In an interview with the media, the Minister discussed the upcoming World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.

“Our commitment to implementing structural reforms to bolster and expedite economic recovery has not wavered. He told the reporters, “As a government, we remain committed to addressing the energy and logistics issues that are negatively affecting our economy.

The topic of this year’s conference, which is scheduled for January 15–19, 2024, is reestablishing trust.
“Given the complexity of the domestic and international headwinds we are facing, it is quite appropriate.”

According to him, the subject would connect four related thematic priorities.

These include developing artificial intelligence, a long-term plan for climate, nature, and energy, and establishing security and collaboration in a broken world. They also involve creating growth and jobs for a new era.

Godongwana has urged foreign investors to make investments in South Africa and Africa, claiming that the country continues to serve as the continent’s entry point.

In the meanwhile, he believes that the African Continental Free Trade Area (AfCFTA) offers more chances for South African companies to develop and flourish as well as for foreign companies to collaborate with regional firms to strengthen their position in Africa.

“I know many of you who have been coming to the annual meeting for years will agree with me that these are issues that interest both existing and potential investors in our nation and continent.”

The Minister also used the occasion to express gratitude to business for cooperating with government to solve the obstacles the nation faces in achieving economic growth.

He added that promoting the nation at WEF Davos is yet another fantastic chance for cooperation.

Reforms in structure

Godongwana stated that monetary policy should continue as is in order to achieve target inflation, but fiscal reduction is necessary to address skyrocketing debt levels.

Additionally, he believes that in order to guarantee a successful green transition, poor nations must have access to competitive international development funds.

Furthermore, he stated that the government will present competitive funding packages that align with green transitions and the Sustainable Development Goals (SDG) at major international financial organizations and groupings like the Group of 20 (G20).

“Today offers a forum for open dialogue to help industry and government coordinate their messaging for Davos.


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