PM: UK and South Africa will boost growth together

The UK and South Africa will join forces to boost economic growth and investment in turbocharged infrastructure, Prime Minister Rishi Sunak announced today. [Tuesday 22nd November] at the beginning of the official state visit of President Ramaphosa.

The next phase of the UK-South Africa Infrastructure Partnership launches today, supporting South Africa’s economic growth through major infrastructure developments and offering increased access for UK businesses to projects worth up to £5.37bn. sterling for the next three years. The UK government will also confirm new grant-funded technical assistance to South Africa to help unlock green hydrogen opportunities and increase skills in this key sector.

As an example of the opportunities for UK companies, Globeleq, a UK company majority owned by British International Investment, announces today that it has reached legal close on six solar energy projects, with construction expected to begin. in South Africa next year.

South Africa is the second largest economy on the continent and is already the UK’s largest trading partner in Africa, with a trade value of £10.7 billion annually. Unlocking export finance offers significant opportunities for UK companies to invest and trade.

The President of South Africa, Cyril Ramaphosa, is in London for a two-day state visit, hosted by His Majesty the King. After attending a state banquet for the South African delegation tonight at Buckingham Palace, the Prime Minister will welcome President Ramaphosa to Downing Street for a bilateral meeting and lunch on Wednesday.

Prime Minister Rishi Sunak said:

South Africa is already the UK’s biggest trading partner on the continent, and we have ambitious plans to boost infrastructure investment and economic growth together.

I look forward to welcoming President Ramaphosa to London this week to discuss how we can deepen the partnership between our two great nations and capitalize on shared opportunities, from trade and tourism to security and defence.

A new education and skills partnership between the UK and South African governments will also promote shared learning in technical and vocational education, boosting youth employment.

The UK funding will develop highly sought after technical and entrepreneurial skills in the fastest growing sectors, including green technology and electric vehicle manufacturing, ensuring that young people in South Africa benefit from the green transition.

Foreign Secretary James Cleverly said:

The UK’s relationship with South Africa is very important to us. Together we are working to deliver for the British and South African people, creating jobs, improving trade and investment and driving inclusive economic growth.

This week’s State Visit, the first for His Majesty the King, is a fantastic opportunity to celebrate our ties, but it also allows us to drive further growth, create even more opportunities for British and South African companies alike, and further promote plus South Africa’s transition to ecology. Energy.

The South African Just Energy Transition Partnership, launched at COP26, also offers new opportunities to collaborate on renewable technology and green innovation. The UK and South Africa today announce the creation of a new Minerals Partnership for Future Clean Energy Technologies to promote more responsible exploration, production and processing of minerals in southern and southern Africa.

Countries in the region are among the world’s leading producers of vital minerals used in clean technology, including the platinum group metals and iridium for hydrogen production and vanadium and manganese for battery storage. This partnership will use the UK’s experience as the home of the world’s leading mining houses and the financial services hub for metals to drive sustainable and responsible production.

Commerce Secretary Kemi Badenoch said:

Today we enter a new era in our dynamic business relationship with South Africa, with an exciting collaboration on infrastructure, clean technology and renewable energy sources.

These new opportunities will unlock trade and investment for businesses from the Eastern Cape to East Anglia and drive growth, create jobs and future-proof our economies for a changing world.

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