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President Cyril Ramaphosa addressing world leaders gathered for the World Economic Forum at Davos, Switzerland
President Cyril Ramaphosa has urged nations to work together to tackle a multitude of challenges facing the global economy, highlighting rising debt and climate change impacts as burning issues.
He was giving a special address to the World Economic Forum (WEF) in Davos as head of state, but also in his capacity as the President of the G20.
He outlines South Africa’s focus as G20 President around the theme of solidarity, equality and sustainability, calling for collective efforts to rid the world of current conflicts causing untold pain and suffering to those affected.
President Ramaphosa painted a lamentable picture of how he viewed the world right now.
“This, I believe is a time of rising geopolitical tensions, unilateralism, nationalism, protectionism, isolation, rising debt levels, particularly affecting poor countries in the world and also, importantly, the declining sense of a common purpose, yet this is a moment when we should be standing together.”
Ramaphosa emphasizes that it was imperative for nations to work together given the numerous challenges facing the world, adding that cooperation had always been the bedrock of human civilisation.
He pushes for continued collective working through multilateral organisations like the United Nations.
This is at a time when some nations are keen to focus on their own inward development.
President Ramaphosa reiterates his call for global financial institutions to be reformed to be more cognisant of the needs of the Global South.
“Countries in the global south face a lack of predictable financing development as well as climate change. they also face high levels of debt and they’re vulnerable to pandemics. debt sustainability for low-income countries is one of the four priorities of South Africa’s G20 Presidency. In the world we inhabit today, the pursuit of equality and the practice of solidarity cannot be separated from sustainable development.”
The President says instead of resources being constantly provided to already established economies by global financial institutions, there needed to be greater prioritization for low-income and developing countries.
President Cyril Ramaphosa addresses 55th WEF annual meeting
Investment destination
President Ramaphosa has assured world leaders gathered for the WEF at Davos that they can look at South Africa as an investment destination.
He says South Africa offers numerous benefits to investors including political stability following the formation of the government of national unity (GNU).
The President says a stable energy supply is one of the recent achievements made by his administration.
“Another of South Africa’s for its G20 Presidency is to harness critical minerals for inclusive growth and development. We need a G20 framework on Green Industrialisation and investments to ensure progress towards a grand bargain that promotes value addition to critical minerals particularly close to the source of extraction.”
Meanwhile, Business 20 Official Cas Coovadia says South Africa has made tremendous progress since last year and that the state of the Government of National Unity proved that the country has a mature democracy.
