President Cyril Ramaphosa has ironed out South Africa’s priorities and objectives of the G20 Presidency, saying the G20 is an institution that shapes the architecture of the World.
Addressing the 55th World Economic Forum (WEF) annual meeting in Davos, Switzerland, on Tuesday, Ramaphosa explains that hosting the G20 is a significant moment for South Africa and Africa.
South Africa’s participation in the WEF comes at a time when the country is pushing hard to address the challenge of economic growth and inequality.
President Ramaphosa further notes that without cooperation and collaboration, humanity cannot progress, calling for an end to wars that cause misery to innocent people.
He emphasizes that Global Financial Institutions have an obligation to make funds available to developing countries like South Africa to help them transition to low-carbon economies – because they’re the ones who have contributed most to climate change.
Ramaphosa confirms to the World Economic Forum that Africa is open for business.
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WEF convenes global leaders to address key global and regional challenges. These include responding to geopolitical shocks, stimulating growth to improve living standards, and stewarding a just and inclusive energy transition.
Local businesses are also backing the country’s good story at the World Economic Forum. Absa’s Chief Strategy Officer Punky Modise says partnerships lie at the heart of the meeting.
The event provides local businesses with space to raise their issues.
The Development Bank of Southern Africa’s CEO Boitumelo Mosako says the global financial market has not been favorable to developing countries.
