Ramaphosa to position S.Africa as destination of choice for investors at WEF Africa


South African President Cyril Ramaphosa gestures as he delivers his annual State of the Nation address to Parliament in Cape Town on June 20, 2019. It was his first state-of-the-nation address since the ruling ANC party won elections in May, with the crisis-hit state energy company high on the agenda. (Photo: VCG)

CAPE TOWN, Aug. 30 (Xinhua) -- President Cyril Ramaphosa said on Friday that he will position South Africa as a destination of choice for investors at the upcoming World Economic Forum on Africa (WEF Africa).

The meeting, scheduled for Sept. 4-6 in Cape Town, will allow South Africa to profile investment opportunities in diverse economic sectors, Ramaphosa said.

"South Africa is once again honored to host this globally important gathering and we look forward to learning from partners and counterparts how best to achieve inclusive and sustainable growth that creates employment and enables us to improve the living conditions of all South Africans," he said.

Now more than ever, South Africa needs to create opportunities that will empower young people, Ramaphosa said.

The meeting, he said, will allow South Africa to showcase the broad range of programs it has put in place and actions it has taken to reduce poverty, unemployment and inequality.

The South African delegation will further highlight that South Africa, which has prudent macroeconomic policies, is restructuring its state-owned enterprises to position them to grow the economy and is striving to improve its competitiveness through a commitment to creating an enabling environment for trade and investment, according to Ramaphosa.

South Africa, he said, wants to show the world that it remains committed to innovations and technologies that will advance the country and the African continent into the fourth industrial revolution (4IR).

South Africa will also learn from countries that have excelled in using technology and the 4IR to advance their economies, Ramaphosa said.

Held under the theme "Shaping Inclusive Growth and Shared Futures in the 4IR," WEF Africa will be attended by delegates from the continent and beyond.

The meeting will be a platform for South Africa to profile the ways in which the country has embraced the opportunities presented by the 4IR and has begun to prepare for challenges arising from the interplay between technology and people, Ramaphosa said.

A wide range of issues will be discussed at the meeting, including the future of state-owned enterprises, infrastructure, promoting female leadership, investing in mental health and achieving universal health coverage, Africa's climate change challenges, fighting financial crime, trade, education, energy, building Africa's digital economy, inclusive growth and reskilling workers for the 4IR.