Vilakazi: SA private sector investment opportunities key for growth

As the World Economic Forum comes to a close, Mary Vilakazi, CEO of FirstRand, shares her insights on how this year's theme of 'Rebuilding Trust' aligns with South Africa's needs in both the public and private sectors. Vilakazi emphasizes the importance of private sector investments as a driving force for growth in the country. Speaking on the sidelines of the forum, Vilakazi highlighted the significance of understanding the impact of the global macroeconomic environment and geopolitics on investment decisions. She pointed out the potential opportunities emerging from new trade relationships and stressed the need to mitigate risks, particularly in light of geopolitical tensions. Key Themes: The central theme of the discussion revolved around 'Rebuilding Trust' and its relevance to fostering partnerships between the public and private sectors in South Africa. Vilakazi underscored the importance of collaborative efforts to address the void left by struggling state-owned entities. She emphasized the need for increased private sector participation in key sectors such as energy and transport to drive economic growth. Key Points: 1. Private Sector Investments: Vilakazi highlighted the urgent need for private sector investments in South Africa, particularly in sectors like energy and transport. She noted that the country is poised to attract real investments, especially as the cost of capital rises in the global market. 2. Geopolitical Environment: Vilakazi acknowledged the geopolitical risks and opportunities stemming from global trade dynamics, particularly in light of US-China relations. She emphasized the need for African nations to identify new trade opportunities and navigate potential risks effectively. 3. Skills Development and Artificial Intelligence: Vilakazi discussed the importance of skills development in the context of the rapidly evolving technological landscape. She emphasized the need for South Africa to enhance its skills mobility and attract talent to harness the potential of artificial intelligence for economic growth. In a statement reflecting on South Africa's positioning on the global stage, Vilakazi noted the country's evolving narrative and emphasized the need for a shift in the dialogue towards showcasing Africa's capabilities and potential contributions to the global economy. She highlighted the need for a strategic focus on leveraging artificial intelligence and enhancing productive capacity to address social challenges and advance economic development. Vilakazi's remarks echoed the sentiments of many South African delegates at the forum, who advocated for a proactive approach to promoting investment and innovation in the country. Despite the challenges posed by the current geopolitical climate, Vilakazi remained optimistic about South Africa's prospects for growth and emphasized the importance of aligning political and economic priorities for sustainable development. In conclusion, Vilakazi underscored the critical role of political will in creating an enabling environment for technological advancements and investment opportunities in South Africa. She called for a concerted effort to position the country as a destination for cutting-edge technologies and talent, emphasizing the need for continuous skills development and collaboration between the public and private sectors.