UK Chief Finance Minister Rachel Reeves emphasized the importance of South Africa during her G20 meetings in Cape Town, highlighting the UK’s status as the largest investor in the country. She reiterated the commitment to free trade and announced advancements in urban economic development, including infrastructure improvement initiatives. A visit to the V&A Waterfront showcased UK contributions to South Africa’s sustainable growth, reinforcing economic ties at a high-profile reception with local investors.
The Rt Hon Rachel Reeves MP, the UK’s chief finance minister, articulated the UK’s commitment to fostering mutual economic growth with South Africa during her recent participation in the G20 meetings in Cape Town. Emphasizing the significant role South Africa plays in the UK’s Growth Mission, she noted that the UK stands as the largest investor in the nation, having invested over R500 billion through various companies.
During her engagement with G20 counterparts, Chancellor Reeves reaffirmed the importance of free trade as a pivotal tool for international economic growth. This follows a recent agreement between UK Foreign Secretary David Lammy and Minister Lamola to establish a UK-South Africa Growth Partnership, aimed at driving job creation and enhancing the economic landscape in both nations.
Infrastructure development emerged as a focal point during the G20 discussions, underscoring the essentiality of effective transportation systems for workforce efficiency and economic progression. The Chancellor announced the UK’s commitment to expedite infrastructure projects in South Africa, advocating for the participation of UK companies and the sharing of governmental expertise in these endeavors.
Chancellor Reeves highlighted the next phase of a UK initiative aimed at improving urban economic growth within South Africa. This program is geared towards unlocking potential through enhanced urban planning and infrastructure development in less advantaged municipal areas, aiming to fortify local government capabilities in financial and technical areas.
A notable moment in her visit included a tour of the V&A Waterfront, observing the design unveiling for a R25 billion expansion project crafted by UK architects Heatherwick Studio. Furthermore, she acknowledged the contributions of British engineering firm Arup, which has secured contracts to support South Africa’s green and sustainable growth ambitions through improved infrastructure and energy efficiency measures in key sectors.
Chancellor Reeves also attended a high-profile reception at the High Commissioner’s official residence, where she engaged with leading South African investors and businesses to further strengthen the economic relationships between the UK and South Africa.
In conclusion, Chancellor Rachel Reeves’ participation in the G20 summit underscored the UK’s commitment to fostering economic growth in South Africa through strategic investments and partnerships. Her emphasis on infrastructure improvement and free trade reflects a shared vision for mutual economic development, while initiatives like the UK-South Africa Growth Partnership highlight a dedication to collaborative progress. The visit marked significant strides in enhancing bilateral economic relations, especially in urban development and sustainable growth initiatives.
Original Source: www.gov.uk
