The South African business and government delegation that attended the World Economic Forum (WEF) annual meeting, in Davos, Switzerland, last week, encountered a transformed outlook for South Africa.

“Compared to a year ago, when we had the elections on the horizon and were mired in loadshedding, the sentiment has shifted dramatically,” business organisation Business Leadership South Africa (BLSA) CEO Busisiwe Mavuso points out in her latest weekly newsletter.

The government and business delegation spoke directly about what South Africa has achieved and how it can do more, as well as about the ambition to deliver 3% growth this year.

“Ministers and business leaders collaborated to deliver a clear message that South Africa is back in business and is offering opportunities. Global fund managers and banks also highlighted South Africa as one of the countries to watch in the year ahead,” she says.

Further, she notes that South Africa’s hosting of the G20 and B20 presents a once-in-a-generation opportunity to put key policy issues that affect the Global South, such as climate adaptation, on the international agenda.

Mavuso points out that President Cyril Ramaphosa, in his speech at the WEF annual meeting, emphasised the country's commitment to sustainable development and inclusive growth. He highlighted reforms to improve the business environment and attract investors.

He also emphasised investment in infrastructure and how the public and private sectors are working together to deliver, with many opportunities for investors to back public-private partnership projects, and the African Continental Free Trade Agreement creating extensive opportunities, Mavuso notes.

Finance Minister Enoch Godongwana emphasised ongoing growth-enhancing reforms, noting that ratings upgrades will follow, she adds.

The Ministers and Deputy Ministers sat on panels throughout the event, articulating a clear and coherent narrative that our businesses could reinforce. South Africa is well on its way to solving its structural challenges, we’ve proved that we are making progress, and now is the time to back the opportunities, she reports.

“South Africa now has a clear vision of what success from our hosting of the G20 will look like. First, we should aim to shift global views on the riskiness of emerging economies and ensure debt sustainability, while ensuring investment flows to drive development.

“Second, we should be clear about the importance of climate adaptation and the investment needed to ensure the Global South is resilient.

“Third, we should demonstrate the benefits of close cooperation between business and government, and how together we find solutions. Fourth. we should make sure the world shares our ambition to deliver 3% economic growth this year,” Mavuso says.

There is positive global momentum for South Africa’s hosting the G20 and for its economic outlook, and the country has the opportunity to translate that into durable partnerships with the rest of the world, she notes.

“The world is recognising the progress we’re making in implementing economic reforms, solving the electricity crisis, dealing with corruption and getting logistics right.

“As the President noted, there aren’t many countries in the world where there is long-term cooperation between business, government and labour, which talks to stability and promise of greater economic growth,” Mavuso notes.