Chancellor Rachel Reeves of the UK attended G20 finance meetings in South Africa, emphasizing the UK’s pivotal economic relationship with the country. The UK is the largest investor in South Africa, with over R500 billion in investments. Reeves discussed infrastructure development, urban planning initiatives, and reinforced the partnership for mutual economic growth, notably in sustainability efforts.
The UK’s Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, recently participated in G20 finance meetings in Cape Town, where she communicated the UK’s commitment to fostering mutual economic growth with South Africa. She underscored the importance of the UK’s relationship with South Africa, noting that UK companies have invested over R500 billion, reinforcing the UK’s position as the foremost investor in the nation.
Chancellor Reeves reiterated the commitment to develop a UK-South Africa Growth Partnership, building on a prior agreement made by UK Foreign Secretary David Lammy. She posited that free trade is critical for achieving international economic growth and emphasized the UK’s initiative towards job creation in both nations, enhancing cooperative economic efforts.
During the G20 discussions, infrastructure development emerged as a pivotal topic. The Chancellor highlighted the UK’s involvement in accelerating critical projects in South Africa, particularly concerning upgrades to railways and roads to bolster economic growth. The UK government is contributing expertise and facilitating the engagement of UK companies in these transformative initiatives.
Additionally, the Chancellor announced an extension of a program aimed at enhancing urban economic development in South Africa. This initiative seeks to improve urban planning and infrastructure, especially in marginalized municipal areas, while aiming to fortify partnerships with local South African governments to enhance their financial and technical capabilities.
A notable aspect of her visit was the unveiling of the design for a significant R25 billion expansion project at the V&A Waterfront, developed by UK architects Heatherwick Studio. Furthermore, the Chancellor acknowledged that British firm Arup secured key contracts aimed at promoting sustainable growth in South Africa by enhancing infrastructure resilience and energy efficiency.
The Chancellor culminated her visit with a reception at the residence of the High Commissioner, which was attended by key South African investors and business representatives. This event served to further solidify and deepen the economic relationships between the UK and South Africa, promoting stronger collaborative ties moving forward.
In summary, Chancellor Rachel Reeves’ visit to South Africa for the G20 meetings reinforced the UK’s dedication to fostering mutual economic growth through significant investments and initiatives. By emphasizing infrastructure development, urban planning, and sustainable practices, the Chancellor aims to enhance cooperation between the nations while also addressing local economic needs. The UK’s commitment to free trade and nurturing strong economic ties with South Africa remains a priority, exemplified during these high-level discussions.
Original Source: www.gov.uk
