Finance Minister Enoch Godongwana has emphasised the importance of collaboration between business and government as South Africa has an opportunity to highlight its strengths on the global stage.

“Collaboration is the foundation upon which we can harness innovation to address our economic and social challenges while ensuring that technological advancements are inclusive and equitable,” he pointed out.

In opening a preliminary event to the World Economic Forum (WEF) Annual Meeting on January 16, the Minister affirmed that global stakeholders were keen to understand the opportunities and challenges facing South Africa.

“By presenting a unified message, we can enhance South Africa’s standing and influence in the global economy,” he said, referring to President Cyril Ramaphosa leading a delegation at the WEF Annual Meeting as well as the country holding the Group of Twenty presidency this year.

The Minister described South Africa’s vision for the global economy as being premised on solidarity, equality and sustainability, particularly as there is power in unity and mutual support, while fair opportunities for all can address systemic disparities and ensure that no one is left behind.

Additionally, Godongwana reminded stakeholders that sustainability required balancing of economic growth with social inclusion and environmental stewardship to ensure a brighter future for forthcoming generations.

He further mentioned that the world was entering an era defined by transformative technologies and interconnected challenges, which resonated deeply with South Africa, notably since its economic growth had been sluggish in the last few years.

However, he expects stronger economic growth this year and beyond, citing improvements in the country’s electricity network, the stimulus effects of the new two-pot retirement system and the easing of inflationary pressures as the main contributing factors to higher growth as of late.

He also highlighted how South Africa’s newly elected Government of National Unity had demonstrated potential to unite the nation and foster progress.

“This era of governance has allowed for meaningful discussions on accelerating structural reforms. The positive reception from both the markets and the public has created a conducive environment for government to deliver on its commitments and build an investment-friendly environment.”

Godongwana reiterated how collaboration between government and business could drive the messages that matter – those of resilience, opportunity and shared prosperity.