EU leaders throw weight behind SA in face of growing economic threats
At the start of the eighth South Africa-European Union summit in Cape Town on Thursday, president of the European Commission, Ursula von der Leyen, announced a 4.7 billion euro investment package in South Africa, including clean energy.
President of the EU Council, Antonio Costa (left), and president of the European Commission, Ursula von der Leyen (right) pictured with President Cyril Ramaphosa (centre) at Tuynhuys in Cape Town for the SA-EU summit. Picture: GCIS
CAPE TOWN - European Union (EU) leaders have thrown their weight behind South Africa in the face of what they say is growing protectionism and economic threats.
At the start of the eighth South Africa-European Union summit in Cape Town on Thursday, president of the European Commission, Ursula von der Leyen, announced a 4.7 billion euro investment package in South Africa, including clean energy.
It comes just a week since the United States withdrew from South Africa’s just energy partnership.
This is the first SA-EU summit since 2018.
South Africa is the European Union’s closest and only strategic trading partner on the continent.
On Thursday, Von der Leyen said that strengthening trade ties was in everyone’s interests.
"Today, we are together announcing an investment packaging to mobilise 4.7 billion euros in South Africa, and this is in both our interests. It includes funding for the clean energy transition, but also funding to boost vaccine manufacturing."
In what appeared to be a slight on US President Donald Trump’s dealings with the rest of the world, European Council President Antonio Costa came out strongly in favour of multilateralism.
"The European Union and South Africa are not just partners, we are strategic allies."
Welcoming his European counterparts, President Cyril Ramaphosa said structural reforms would make South Africa an even more attractive investment destination.