The World Economic Forum (WEF) on Africa kicks off in Cape Town today, giving South Africa an opportunity to make its investment case to an audience of global and African business leaders as the country looks for ways to boost growth, alleviate poverty and cut unemployment.
WEF Africa represents a crucial platform for engagement across a range of topics over the next three days – from governance, to innovation, to entrepreneurship, to infrastructure, to the empowerment of women, to youth and to the environment.
This week’s gathering will be attended by more than 1 000 high-level participants from business, politics, civil society, academia and the media, making it the largest ever held in Africa by the WEF.
The meeting also marks the 25th anniversary of WEF meetings in Africa.
Last year, WEF Africa was held in Abuja, Nigeria, under the theme “Forging Inclusive Growth, Creating Jobs”, marking the first time that the meeting was held in west Africa.
President Jacob Zuma is leading the South African contingent, and he will use the opportunity of hosting WEF Africa to promote South Africa’s appeal as an investment destination within the context of an emergent Africa.
WEF figures show that Africa is home to six of the 10 fastest growing economies in the past 10 years.
Zuma is accompanied by a dozen ministers, including Nhlanhla Nene, the finance minister; Ebrahim Patel, the minister of economic development; Ngoako Ramatlhodi, the minister of mineral resources; Tina Joemat-Pettersson, the minister of energy; Derek Hanekom, the minister of tourism; Maite Nkoana-Mashabane, the minister of international relations and co-operation; and Mzwandile Masina, the deputy minister of trade and industry.
The ministers are scheduled to participate in key sessions during the meeting.
“The country is open for business and offers a sound investment destination for savvy investors,” South African cabinet spokeswoman, Phumla Williams writes in Business Report today.
“South Africa is the most diversified economy on the continent and plays an integral role in Africa’s advancement,” Williams added.
Helped by its status as Africa’s most advanced economy, South Africa has been able to claim a growing share of investment coming into Africa.
Legacy
Even so, the legacy of apartheid remains all too commonplace – with recent figures showing that unemployment in the first three months of this year jumped to 26.4 percent from 24.3 percent.
Moreover, the current power crisis has not helped South Africa’s image here and abroad even as the government scrambles to plug holes in the country’s power generating capacity to sustain growth.
Analysts worry that the power constraints will make it impossible for South Africa to realise gross domestic product growth north of 2 percent in the short to medium term.
* Ellis Mnyandu is the editor of Business Report. Follow him on Twitter: @Ellis_Mnyandu.
** For more coverage from WEF Africa 2015, follow BR @busrep and #AF15 #IndyAF15 #WEFAfrica15 or online: wef.iol.io