UK Chief Finance Minister Reinforces Commitment to Economic Collaboration with South Africa at G20
During her recent visit to South Africa for the G20 meetings, UK Chief Finance Minister Rachel Reeves emphasized the importance of the UK-South Africa relationship for mutual economic growth. She highlighted significant investments and infrastructure development initiatives, alongside strategic partnerships aiming to unlock urban economic potential. Reeves’ visit included a reception to further deepen economic ties with prominent South African investors.
The Chief Financial Minister of the United Kingdom, the Rt Hon Rachel Reeves MP, recently participated in the G20 meetings held in South Africa. During her visit to Cape Town, she underscored the importance of the UK-South Africa relationship in fostering mutual economic growth. Reeves articulated that the UK’s substantial investment in South Africa, exceeding R500 billion, signifies the commitment to both nations’ prosperity.
Chancellor Reeves reiterated the agreement made by UK Foreign Secretary David Lammy to establish a UK-South Africa Growth Partnership with Minister Lamola. She advocated for free trade as a pivotal strategy for international economic growth, emphasizing the UK’s efforts to stimulate job creation in both economies.
Infrastructure development emerged as a critical topic at the G20 meetings, with Reeves highlighting the necessity of enhancing railways and roads to boost economic productivity. Consequently, the UK is committed to expediting infrastructure projects in South Africa, working to integrate UK companies and share governmental expertise.
Furthering urban economic development in South Africa, the Chancellor announced initiatives aimed at improving urban planning and infrastructure in disadvantaged municipalities. This strategy intends to fortify collaboration with local governments, thereby enhancing their financial and technical capacities.
A notable moment of her visit included a tour of the V&A Waterfront, where she viewed the unveiling of the R25 billion expansion project designed by UK architects Heatherwick Studio. Additionally, the announcement of British engineering firm Arup securing contracts to promote sustainable growth in South Africa marked significant progress in infrastructure resilience and energy efficiency improvements throughout the country.
In a final highlight, Chancellor Reeves hosted a reception at the High Commissioner’s residence, bringing together influential South African investors and businesses to strengthen the economic relationship between the UK and South Africa.
In conclusion, Chancellor Rachel Reeves effectively highlighted the UK’s commitment to fostering economic growth in South Africa during her attendance at the G20 meetings. Through substantial investments, strategic partnerships, and a focus on infrastructure development, the UK aims to enhance mutual prosperity. The strengthened ties between the two nations reflect a shared vision for a sustainable and prosperous future.
Original Source: www.gov.uk
