Under the auspices of the World Economic Forum (WEF) on Africa, being held in Cape Town from June 3 to 5, South Africa will reiterate its stance that it is open for business, showcasing what it has to offer other countries and global business.

The event, which would be attended by more than 1 250 global leaders, is themed ‘Then and Now: Reimagining Africa’s Future’ and was aimed at channelling lessons from the past to solve the continent’s challenges.

Speaking at a pre-event briefing, in Rosebank, Minister in the Presidency Jeff Radebe noted that the forum would “take stock of progress over the last 25 years, share insights on the present landscape and identify innovative approaches to accelerate inclusive growth, while bringing about sustainable development in the future”.

He added that South Africa remained a competitive business and investment destination and would continue to make strides in improving the ease of doing business.

Radebe stated that, when compared with Brazil, Russia, India and China – the other Brics economies – South Africa was first in five of the ten criteria used by the World Bank to assess ease of doing business.

Economic Development Minister Ebrahim Patel added that the controversial Promotion and Protection of Investment Bill, which replaced the bilateral investment treaties that “have expired”, would further bolster foreign direct investment, which stood at $8.1-billion in 2013.

Meanwhile, Radebe said that South Africa hosting the WEF on Africa meeting provided an opportunity to further entrench the holistic growth and development strategy adopted by the African Union in its Agenda 2063.

“[This] is a call for action and a strategic framework and roadmap to achieve continental development goals. [It also] represents a collective effort and an opportunity for Africa to regain its power to determine its own destiny,” he noted.

WEF Africa head Elsie Kanza highlighted that there were many challenges that both South Africa and the rest of the continent needed to overcome for optimal economic participation. “Africa has made great strides…but it still faces many challenges.”

She added that there were ten significant issues that had to be dealt with and which would be discussed during the WEF on Africa event’s two-day programme.

This included agriculture and food security; long-term infrastructure investing and development; employment, skills and human capital; economic growth and social inclusion; gender parity; environment and resource security; health systems; and international trade and investment.