Chancellor Rachel Reeves emphasized the importance of UK-South Africa economic collaboration at the G20 meetings in Cape Town. She highlighted the UK’s status as the largest investor in South Africa and announced a new Growth Partnership. The discussions focused on infrastructure improvements and urban development, continuing to build strong ties between the two nations for mutual economic benefit.
The Rt Hon Rachel Reeves MP, the UK’s Chancellor of the Exchequer, recently elaborated on the UK’s commitment to fostering economic growth in South Africa during her participation in the G20 finance ministerial meetings held in Cape Town. Emphasizing the importance of the UK-South Africa relationship, she noted that UK investment in South Africa has exceeded R500 billion, making the UK the largest investor in the nation.
Chancellor Reeves underscored the recent establishment of a UK-South Africa Growth Partnership, which aims to enhance economic cooperation between the two nations. She stated that promoting free trade is essential for achieving sustainable economic growth and expressed confidence in the UK’s ability to create jobs within both economies.
Infrastructure development was a central theme during the discussions at the G20. The Chancellor highlighted the UK’s commitment to assisting South Africa in infrastructure projects to facilitate economic progress. This includes encouraging UK companies to participate in these initiatives and sharing essential government expertise.
The Chancellor also unveiled the next phase of the UK programme designed to enhance urban economic development in South Africa. Through strategic urban planning and infrastructure improvements, the initiative aims to generate opportunities within disadvantaged municipalities and strengthen cooperation with local governments to bolster their financial and technical capabilities.
Among her visits in South Africa, Chancellor Reeves attended the unveiling of the R25 billion expansion design for the V&A Waterfront, conceived by UK architects Heatherwick Studio. Furthermore, she acknowledged that British engineering firm Arup secured crucial contracts to assist South Africa in achieving its green and sustainable growth objectives, thereby enhancing the resilience and energy efficiency of buildings throughout the region.
Additionally, the Chancellor hosted a reception at the High Commissioner’s official residence, bringing together leading South African investors and business leaders. This initiative is aimed at further solidifying the economic ties between the UK and South Africa, fostering mutual growth and collaboration.
In summary, Chancellor Rachel Reeves emphasized the UK’s commitment to supporting economic growth in South Africa during her recent G20 engagements. Highlighting significant UK investments and collaboration in infrastructure and urban development, she reinforced the vital relationship between the two nations. Through initiatives that enhance cooperation and promote job creation, the UK aims to drive sustainable economic progress in South Africa.
Original Source: www.gov.uk
