UK Chancellor Highlights Commitment to Mutual Growth with South Africa at G20

During her recent visit to the G20 in South Africa, UK Chancellor Rachel Reeves emphasized the importance of the UK-South Africa partnership aimed at mutual growth. She highlighted the UK’s significant investments in South Africa and announced new initiatives to improve urban infrastructure and economic development, focusing on sustainability. Her engagements, including a reception with local investors, reinforced the commitment to deepening economic ties between the two nations.

The Rt Hon Rachel Reeves MP, the UK’s Chancellor of the Exchequer, underscored the importance of the UK-South Africa relationship during her visit to the G20 finance ministerial meetings in Cape Town. She conveyed that this partnership is vital for advancing the UK’s Growth Mission to benefit both nations. With the UK as South Africa’s largest investor, having contributed over R500 billion, Reeves highlighted the mutual advantages of this economic collaboration.

Chancellor Reeves reiterated the significance of free trade in fostering international economic growth, aligning with the recent establishment of a UK-South Africa Growth Partnership. This partnership, developed in conjunction with South African Minister Lamola, aims to drive job creation and strengthen the economic ties between the two countries. Infrastructure development emerged as a key topic during the G20 discussions, emphasizing the necessity for improved transport systems to enhance economic activities.

The Chancellor announced initiatives to further urban economic development in South Africa, focusing on enhancing urban planning and infrastructure in underprivileged municipalities. She stressed the importance of collaborating with local governments to build their financial and technical capabilities and accelerate significant projects involving UK companies.

During her visit, Chancellor Reeves attended an event at the V&A Waterfront, where she observed the unveiling of a R25 billion expansion project designed by British architects Heatherwick Studio. She celebrated British engineering firm Arup’s successful contracts, which aim to bolster South Africa’s green growth by designing resilient infrastructure and enhancing energy efficiency in local buildings.

To cultivate deeper economic ties, the Chancellor also participated in a reception at the High Commissioner’s residence for leading South African investors and businesses, reinforcing the close economic relationship between the UK and South Africa.

In summary, Chancellor Rachel Reeves emphasized the strategic importance of UK-South Africa relations during the G20 meetings in Cape Town. With significant British investments in South Africa and ongoing partnerships in infrastructure and economic development, this relationship is poised to drive mutual growth and job creation for both countries. The visit highlighted collaborative efforts to enhance urban development and promote sustainability, strengthening bilateral ties even further.

Original Source: www.gov.uk