SA'S DELEGATION TO THE WEF - A MONUMENTAL WASTE OF TAXPAYER MONEY

The 46th annual World Economic Forum at the Swiss mountain resort of Davos has come and gone. By all accounts the cost to the taxpayer for South Africa's attendance at the event was far outweighed by any tangible benefits. In short, a gigantic wasteful exercise. 51 South Africans including eight government officials, led by President Zuma, attended the event According to Business Tech, the cost to the South African taxpayer for public representative attendees was between US$20,000 and $50,000 per delegate. The total bill at current exchange rates was in the range of a whopping R6.6 million. According to Zuma the delegation's "duty was to put across South Africa as a destination for investment", because "South Africa was open for business". However, no-one was listening to Zuma, or for that matter to any of his cabinet ministers. In fact, investor disinterest was emblematic of poor attendance at South African hosted events. Even more so, when a discussion on South African financial regulation issues was cancelled outright due to lack of interest. Even in "business as usual" times, South Africa has struggled to attract significant direct foreign investment. Pressing the flesh with cap in hand at the get together did nothing to mitigate concerns about South Africa's systemic economic and fiscal problems, further exacerbated by Nenegate. What made matters far less attractive for prospective investors was Zuma's recent signing into law of the Protection of Investment Act which supplanted multiple bilateral investment treaties. South Africa's delegation was further confronted by an unexpected development when Zuma missed a key panel on Africa. His failure to attend an important panel discussion raised questions on his commitment to reviving his country's sinking economy, as well as his understanding in quarterbacking an emerging market economy. Despite the conspicuous lack of investor interest, Zuma's office maintained that the visit to Davos was a success, and "South Africa has been received positively". Probably hyperbolic in light of investor disinterest, but then again some may believe it, but thousands wouldn't!