Zuma was speaking as he was leading a delegation, dubbed Team South Africa, to attend the WEF scheduled for January 20-22.
The South African government has stuck to its spending limits for the past three years and is on track to stay within the expenditure ceiling in 2015/16, Zuma said.
Team South Africa, which comprises seven ministers and a large business delegation of chairmen and CEOs of companies, goes to Davos against the background of investor confidence that has been demonstrated by many international companies that have increased their investments and expanded their South African operations, said Zuma.
Beijing Automobile International Corporation (BAIC), for example, has announced an investment of 11 billion rand (about 655 million U.S. dollars) in a vehicle manufacturing plant near Johannesburg, Zuma said.
He said his delegation will be able to present a strong case for South Africa in Davos despite the difficult global context.
The theme of Team South Africa (TSA) is: “South Africa is Open for Business.”
“South Africa has proved to be a resilient economy which is the outcome of the solid economic fundamentals that have been laid since the advent of democracy,” the president said.
Building on this success, the National Development Plan provides a basis for collective action in the country to stabilize the economy, build confidence, raise the level of investment and return South Africa to a path of inclusive economic growth, he said.
The WEF 2016 takes place in a challenging global environment for both governments and business. The deterioration of the global economic outlook in recent months has resulted in slower global growth that has led to the weaker performance in several important developing countries, including China and South Africa.
Moreover, the weakness in commodity prices is a concern for major commodity exporters such as South Africa. The fall in commodity prices is unlikely to reverse and will have a sustained impact on emerging market economies.
This year’s WEF brings together world leaders from business, government, international organizations, academia and civil society to discuss the global economy, under the theme: Mastering the Fourth Industrial Revolution. Enditem
Source: Xinhua
