S. African deputy president in Rwanda to woo investments at WEF Africa

South Africa's Deputy President Cyril Ramaphosa on Wednesday departed for Kigali, Rwanda to attend the annual World Economic Forum (WEF) Africa scheduled from Wednesday to Friday.

South Africa's participation in the forum comes amidst a positive review of the country by rating agency Moody's Investors Service, said Ronnie Mamoepa, spokesperson for Ramaphosa.

Moody's has also appraised South African electricity utility Eskom positively, and this bodes well for the country's competitiveness and attractiveness as an investment destination, said Mamoepa.

Moody's last week affirmed South Africa's government bond long and short term ratings of "Baa2/P-2" respectively and assigned a negative outlook.

Moody's is the only solicited rating agency that assigns the same rating for both the domestic and foreign currency denominated debt, Baa2 -- a rating that is two notches above sub-investment grade.

The investment grade credit rating affirmation marks an end to the review period that started on March 8, when Moody's placed the country's ratings under review for possible downgrade.

"Ramaphosa will thus seek to promote South Africa as being open to business and as a preferred destination for investments," Mamoepa said.

He said the South African delegation will also utilise the opportunity of the various platforms provided by the forum to communicate a positive message that South Africa macro-economic environment remains resilient, with a dynamic and stable economy underpinned by solid economic fundamentals.

In this regard, Ramaphosa and the delegation will reiterate South Africa's commitment to the full implementation of the National Development Plan (NDP) as a cornerstone of the economy, said the spokesperson.

The delegation will also underline South Africa's commitment to attracting investments not only to the country but to the Southern African Development Community (SADC) region and the entire African continent as part of advancing the continent's Agenda 2063, according to Mamoepa.

The 2016 WEF Africa is organised under the theme "Connecting Africa's Resources through Digital Transformation". The forum is expected to be attended by regional and global leaders from business, government and civil society. It focuses on how the digital economy can act as a catalyst to drive radical structural transformation, strengthen public-private collaboration on key global and regional challenges, and will agree on strategic actions that can deliver shared prosperity across the continent.

According to the WEF, Africa's positive economic outlook is under pressure -- mainly due to adverse changes in the global economy -- and is expected to remain just below five percent in 2016. Enditem