South Africa’s power crisis has topped the list of investor concerns while tourism has emerged as the biggest drawcard, that’s according to the country’s delegation to the World Economic Forum in Davos. Finance Minister Tito Mboweni has responded to concerns about a smaller government delegation in Davos.
However as the team moved through meetings, it had to field questions about the chokehold of Eskom power cuts on business. There have also been concerns about the country’s ballooning debt as State-Owned Enterprises guzzle up taxpayers’ money.
South Africa needs to make much more of tourism because there is huge interest – great admiration for what it offers to tourists and a lot of business interest peaks after a visit,” said International Relations Minister Naledi Pandor.
There are no major deals at the luxurious Swiss Alps gathering but Mboweni says it’s about conversations and exposing the country to investors and he’s warned about structural reform delays. So what’s the Davos gathering done for South Africa’s brand?
We did not sweep anything under the carpet. I am fully assured that we made a good impression,” said Brand SA Acting CEO Thulisile Manzini. As team South Africa leaves behind the splendour of Davos, eyes are on the budget speech next month, when an unimpressive account of the economy could trigger a ratings downgrade.
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