Mike Brown: SA remains investible despite electricity challenges

South Africa's economic landscape is marred by ports and electricity challenges, yet the country remains committed to attracting investors. Mike Brown, Outgoing CEO of Nedbank, shared insights on why South Africa continues to be a worthy investment destination, despite these hurdles, in a conversation with CNBC Africa's Godfrey Mutuizwa at the World Economic Forum. Brown emphasized the importance of rebuilding trust in a world fraught with violence and wars unseen since the 1940s. Attending the World Economic Forum, Brown highlighted the significance of the platform as a unique opportunity for intellectual engagement, networking, and presenting the South African investment story. He pointed out that while challenges persist in energy, logistics, and combating crime and corruption, there is a concerted effort between businesses and the government to address these issues and enhance South Africa's appeal to investors. Amidst the global discourse on artificial intelligence (AI) at Davos, Brown underscored the pivotal role AI plays in shaping the future. He shared Nedbank's deep digital journey and collaboration with Microsoft on AI initiatives, aligning with the prevailing theme at the event. Addressing concerns about South Africa's economic outlook, Brown acknowledged the need for a partnership between the private sector and government to drive AI adoption and address critical issues such as energy security and logistic efficiency. Despite challenges in the economic landscape, Brown reiterated South Africa's potential with its rich resources, tourism sector, sophisticated financial industry, and strategic position as a gateway to Africa. While investors raise apprehensions about energy shortages, logistics, and corruption, both foreign and domestic investors align in pinpointing the primary concerns facing the economy. Brown emphasized the urgency of addressing these challenges to stimulate economic growth and attract sustainable investments. Reflecting on South Africa's foreign policy alignment with economic needs, Brown noted a growing perception that the country's political stance may not always serve its economic interests effectively. He highlighted global investors' concerns regarding geopolitical risks and emphasized the importance of a stable political environment to foster investment confidence. Looking ahead to the forthcoming elections in South Africa, Brown expressed confidence in the country's democratic process while urging for accelerated policy implementation to drive economic growth. As Nedbank's focus remains on digital transformation and sustainability, including financing the energy transition, Brown emphasized the need for continued investments in renewable energy projects to enhance energy security. In his final months as CEO, Brown is dedicated to ensuring a smooth transition for his successor and further advancing NetBank's legacy. Reflecting on his tenure, Brown aspires to leave behind a more competitive and resilient organization that prioritizes customer satisfaction and community sustainability. With eyes set on the future, Brown remains focused on steering NetBank towards continued success and growth beyond his tenure.