President Cyril Ramaphosa has welcomed the European Union’s €4.7 billion Global Gateway Investment Package aimed at supporting strategic investment projects.
The President was speaking during a press briefing following the 8th South Africa-European Union Summit held in Cape Town on Thursday.
The package is aimed at supporting:
• A clean and just energy transition in South Africa
• Digital and physical connectivity infrastructure
• The local pharmaceutical industry.
“The investment package covers areas such as critical raw mineral processing, green hydrogen, renewable energy, transport and digital infrastructure, local vaccine and pharmaceutical production, and resources for skills development.
“To boost the competitiveness of our economies, we agreed to launch negotiations towards a Clean Trade and Investment Partnership. This will support the development of cleaner value chains for raw materials and local beneficiation, renewable and low carbon energy, and clean technology,” President Ramaphosa said.
Furthermore, the partnership will also serve as a platform for “regulatory cooperation between the European Union and South Africa in areas of mutual interest related to clean supply chains”.
“This partnership is expected, for example, to deliver short and long term solutions to enable Sasol to export sustainable fuel, especially aviation fuel, to the European Union,” the President added.
Strengthening ties
President Ramaphosa noted that the summit – the first such held in seven years – reflects mutual commitment to “enhancing our Strategic Partnership for the mutual benefit of our people”.
As a regional bloc, the European Union (EU) is South Africa’s biggest trading partner recording some €49.5 billion in total trade in 2023 with EU foreign direct investment into South Africa reaching around €71 billion in 2022.
“Today’s Summit focused on strengthening our trade and investment relations, which are vital for the growth of our economies and the achievement of our development goals,” the President noted.
Discussions also focussed on other areas including green energy, science and health.
“We have prioritised the transition to green energy, ensuring that this process is just and inclusive and safeguards the livelihoods of those most affected by the transition. We also had discussions on our robust cooperation in education; science, technology and innovation; and health.
“We have recognised the vital importance of developing the skills and capabilities of young people, starting from early childhood development through to the training of young people in the skills of the future,” President Ramaphosa explained.
Global developments
On the global stage, President Ramaphosa said, “we reaffirmed our commitment to multilateralism, the rule of law and the central role of the United Nations in maintaining global peace and security”.
“We also expressed our resolve to resist actions that undermine multilateral cooperation. We reinforced our belief that the institutions of global governance must be reformed to make them representative and fit for purpose.
“We agreed that addressing the root causes of conflict is essential for achieving durable peace, security and stability in Africa.”
Turning to the conflict in the Democratic Republic of Congo (DRC), President Ramaphosa said South Africa calls on parties to assist in addressing the “dire situation of the people” caught in the blaze of the war.
“As South Africa, we have made a call for a humanitarian intervention for displaced people in the eastern Democratic Republic of the Congo.
“As we work to achieve a ceasefire and achieve a peaceful resolution of the conflict in the DRC, we are calling on the United Nations, African Union and EU to help to address the dire situation of the people affected by the fighting,” he said.
Reflecting on the outcomes of the Summit, President Ramaphosa described it as having further strengthened the strategic partnership.
“Today’s Summit has further strengthened our Strategic Partnership, which will support our efforts to drive inclusive economic growth, create jobs, eradicate poverty and address global challenges in a spirit of solidarity, collaboration and partnership.
“On behalf of the Government and people of South Africa, it has been a pleasure to host you today, reaffirming our commitment to building strong, mutually beneficial relations with the European Union,” President Ramaphosa concluded.
In his opening remarks at the summit, the President said that as one of South Africa’s most important trade and investment partners, the European Union can play a catalytic role in unleashing the productive capacity of our economy and equip our people, especially the youth, to participate in the economy of the future.
READ | President Ramaphosa engages EU on new investment package
“We hope we can continue to rely on the support of the European Union and its member states in our efforts to alleviate poverty, transition to a low-carbon economy, invest in climate-resilient infrastructure and grow our industrial capacity,” the President explained. – SAnews.gov.za
Watch a South Africa-European Union Summit concludes related video:
Stunning South Africa:
https://carnegie-production-assets.s3.amazonaws.com/static/media/images/EU%20Economic%20Statecraft%20cover.jpg
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Cosmic Presence
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