UK chief finance minister builds on commitment to support mutual growth in South Africa at G20
The Rt Hon Rachel Reeves MP shared the UK's growth mission with key stakeholders and her G20 counterparts in South Africa this week.
Chancellor Rachel Reeves with South African Finance Minister Enoch Godongwana, at the G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa.
Over the past two days in Cape Town, the UK’s chief finance minister, Chancellor Rachel Reeves, spent time in and around the G20 finance ministerial meetings emphasising that the UK’s relationship with South Africa is key to the delivery of the UK’s Growth Mission for the mutual benefit of both our countries.
The Chancellor emphasised the significance of South Africa to her counterparts at the G20, highlighting that the UK is the largest investor in the country, with UK companies having invested over R500 billion.
Building on UK Foreign Secretary David Lammy’s recent agreement to develop a UK-South Africa Growth Partnership with Minister Lamola, she reiterated that free trade is the best way to achieve economic growth internationally and demonstrated how the UK is meeting the ambition to drive job creation in our two economies.
Infrastructure was a major theme at the G20 meetings the Chancellor attended, given the need to ensure that people can do their jobs and get around with improved railways and roads to facilitate economic growth. Which is why she said the UK is helping to accelerate projects in South Africa, including promoting the involvement of UK companies and sharing government expertise.
The Chancellor announced the next stage of the UK programme boosting urban economic development in South Africa, unlocking opportunities through improved urban planning and infrastructure in disadvantaged areas of the country’s municipalities. The intention is to strengthen UK cooperation with local governments in South Africa, to build their financial and technical capabilities.
A highlight of her time in SA was a visit was to the V&A Waterfront, where the Chancellor witnessed the unveiling of the design for the R25 billion expansion project, which has been produced by UK architects Heatherwick Studio. She also welcomed the news that British engineering firm Arup had won key contracts to support South Africa’s ambitions to boost green and sustainable growth across the country, not only contributing to the design of more resilient infrastructure but also working with public and private sector clients to improve the energy efficiency of buildings here in Cape Town and across South Africa.
The Chancellor also attended a reception at the High Commissioner’s official residence for prominent South African investors and businesses to further deepen the close economic ties between the UK and South Africa.