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As the world convened in Davos for the World Economic Forum (WEF) Annual Meeting recently, South Africa presented its vision for the G20 Presidency this year – outlining a path towards a more equitable and sustainable future.
This is according to President Cyril Ramaphosa who addressed the country through his weekly Presidential newsletter on Monday.
South Africa’s theme for the Group of Twenty (G20) Presidency is Solidary, Equality, Sustainable Development.
“We made the point that it is in the interests of all countries, large and small, wealthy and poor, to reduce global inequality. That is why one of our priorities is ensuring debt sustainability for low-income countries. By freeing up funds for debt relief in these countries, they will be in a better position to invest in infrastructure, industrial development, education, health care and other forms of development.
“Another focus area, which both reduces poverty and promotes sustainability, is the mobilisation of finance for a just energy transition. Through this, developing economy countries will be able to pursue a low-carbon development path while protecting the interests of affected workers, businesses and communities,” the President said.
Related to this, the President spoke of the “mobilisation of special financing and insurance to enable vulnerable countries to rebuild after being struck by natural disasters” and harnessing critical minerals “to promote inclusive growth and development”.
He emphasised, however, that in order for sustainable growth to be achieved, countries must work together.
“We stressed that our themes and priorities are underpinned by the principle of cooperation. Throughout history, human progress has been possible only through collaboration among peoples and countries.
“We therefore renewed our call for the resolution of global challenges through multilateral actions. We called for inclusive solutions that recognise that the world is more interconnected than ever before,” he said.
Pressing further, the President emphasised that the current world climate shows that “no country can go it alone”.
“No country can sustain its growth, stability and development without working together with other countries to overcome common problems,” he said.
Positive sentiment
President Ramaphosa revealed that South Africa’s message at WEF “resonated with the participants in Davos”.
“It was a sentiment shared by many of the business leaders with whom we interacted, as well as with other heads of state and multilateral institutions.
“Many of the people we spoke to endorsed South Africa’s G20 priorities. They saw the value of our focus on Africa and the interests of countries with developing economies. They appreciated the importance of reducing inequality within and between countries and the need for new growth paths that are climate-friendly sustainable,” he said.
READ | President Ramaphosa outlines SA’s G20 Presidency priorities at WEF
Furthermore, there was a much-improved sentiment towards “South Africa and the prospects for our economy in the years ahead”.
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“They commented on the successful transition from the 6th to the 7th administrations and the formation of the Government of National Unity. They saw this as a sign of stability and a common commitment among parties to inclusive growth, employment and a capable state.
“They welcomed the far-reaching reforms that are underway in areas such as energy, logistics, telecommunications and water to grow and transform our economy.
“The South African delegation left Davos with a sense that there are many leaders in the world that share our vision of an inclusive, just and equal world. And that they are prepared and willing to work with us through our G20 Presidency towards the achievement of such a world,” President Ramaphosa concluded.
The annual WEF meeting held from 20 to 24 January 2025, convened global leaders to address key global, and regional challenges.
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