SA’s G20 Presidency to aid recovery of global economy

18 May 2025 by Guest

Deputy Minister in the Presidency Nonceba Mhlauli says the primary focus of the G20 platform is to increase multilateral cooperation for the recovery of the global economy.

“Since President Ramaphosa took over the Presidency of the G20 in December 2024, a lot of public discourse has already gone into what this could potentially mean for South Africa, particularly in a post-COVID-19 era where developing economies are still on a path to recovery,” Mhlauli said.

Mhlauli explained that the G20 initially focused largely on broad macro-economic issues but has since expanded its agenda to inter-alia include trade, climate change, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption.

“The G20 was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and in 2009, when it became apparent that the necessary crisis coordination would only be possible at the highest political level,” Mhlauli said.

In her address at a G20 public lecture held at the Tshwane University of Technology (TUT) south campus in Soshanguve, north of Pretoria, Mhlauli said that since then, the G20 leaders have met regularly, and the G20 has become the premier forum for international economic cooperation.

“The primary focus of the forum is to increase multilateral cooperation for the recovery of the global economy, bring stability to the global financial system, promote long-term sustainable growth and strengthen global economic governance,” she said on Friday.

Mhlauli said South Africa will use the G20 Presidency to focus on inclusive and sustainable economic growth that benefits its citizens.

“Through the G20 Presidency, we will foster inclusive economic growth, industrialisation and employment.

“This Presidency is about demonstrating that our country is open for business. South Africa is an attractive destination for business services, and has sophisticated digital infrastructure, including mobile networks and high-speed broadband.”

On the economic front, the G20 will provide a massive boost, especially in areas such as tourism and hospitality.

“The over 200 expected G20 related meetings have already commenced in our country presenting opportunities for the country’s tourism, manufacturing, trade and other investment growth.

“We are also intently focusing on youth employment, closing the gender gap, reducing inequality and protecting the environment.

“The G20 will unlock new possibilities in artificial intelligence (AI), which has the potential to provide unprecedented economic and social opportunities,” Mhlauli said.

Meanwhile, Government Communications and Information System (GCIS) Acting Deputy Director-General, Sandile Nene, said South Africa’s hosting of the G20 will improve the economy.

“We are hoping that the G20 will make people invest in the country,” he said.

Kutlwano Mahosi, a first year Journalism student at TUT, told SAnews that G20 meetings will play a role in increasing the country’s economy as many people will be coming into the country.

“As people come to our country, they will be spending their money which will play a role in job creation,” she said.

Echoing same sentiments was fellow Journalism student, Andiswa Mchunu, who said hosting the G20 gives the country an opportunity to attract investors, thereby improving the economy.

“A better economy means more jobs and better life for South Africans,” Mchunu said.

South Africa assumed the role of Presidency of the G20 on 1 December 2024, taking over from Brazil. – SAnews.gov.za

Edwin
Fri, 05/16/2025 – 14:41

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