UK Chancellor Rachel Reeves attended the G20 in South Africa, emphasizing the UK-South Africa relationship’s importance for mutual economic growth. She announced new initiatives to enhance urban development and infrastructure, and engaged with local stakeholders to deepen economic ties. The UK aims to support sustainable growth through significant investment and collaboration in key projects.
During a recent visit to South Africa, UK Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, engaged with key stakeholders at the G20 finance ministerial meetings. She underscored the importance of the UK-South Africa relationship in advancing mutual economic growth, given that the UK is the largest investor in South Africa, with investments totaling over R500 billion.
Chancellor Reeves reiterated commitments made by UK Foreign Secretary David Lammy to establish a UK-South Africa Growth Partnership with Minister Lamola, emphasizing that free trade is pivotal for global economic expansion. She also highlighted the UK’s efforts to create jobs in both economies through enhanced trade and cooperative initiatives.
Infrastructure improvements were a significant focus during the discussions, as they are essential for facilitating economic activities. The Chancellor stated the UK’s commitment to accelerate infrastructure projects in South Africa, advocating for the involvement of UK businesses and the sharing of governmental expertise to support this goal.
Chancellor Reeves announced the launch of a new UK program aimed at fostering urban economic development in South Africa. This initiative seeks to improve urban planning and infrastructure in underprivileged municipalities, thereby enhancing collaboration with local governments to advance their financial and technical capacities.
A notable moment during her visit was at the V&A Waterfront, where she observed the unveiling of the R25 billion expansion project designed by UK architects Heatherwick Studio. Additionally, she acknowledged British engineering firm Arup’s selection for critical contracts that will aid in promoting sustainable growth and improving the energy efficiency of structures across South Africa.
The Chancellor also hosted a reception at the residence of the High Commissioner, engaging with prominent South African investors and businesses to foster closer economic ties between the UK and South Africa.
In summary, Chancellor Rachel Reeves’s engagement in South Africa at the G20 highlighted the crucial role of UK investment and collaboration in promoting mutual economic growth. By advocating for free trade, urban development, and infrastructure improvements, the UK aims to enhance its partnership with South Africa, ultimately driving economic benefits for both nations. The visit underscored a commitment to sustainable initiatives, further cementing the relationship between the two countries.
Original Source: www.gov.uk
