Ramaphosa seeks stronger trade ties at SA-EU summit

South Africa's President Cyril Ramaphosa recently announced the country's intention to engage in further discussions with the European Union (EU) on a new investment package aimed at modernizing key industries and addressing pressing challenges such as climate change. Speaking during a press briefing following the 8th South Africa-European Union Summit in Cape Town, President Ramaphosa emphasized the importance of strengthening trade and investment ties with the EU to unleash the productive capacity of the South African economy and equip its people, especially the youth, for the future. The President highlighted the significant progress made in cooperation with the EU, particularly through institutions like the European Investment Bank, in reforming industries such as energy, water, transport, and digital communications. These reforms are not only enhancing the country's competitiveness but also creating a more attractive investment environment for European companies looking to invest in South Africa. President Ramaphosa acknowledged the critical role the EU plays as one of South Africa's key trade and investment partners in driving economic growth and supporting the country's efforts to alleviate poverty and transition to a low-carbon economy. One of the key themes of the summit was the need for global cooperation and solidarity in the face of growing uncertainty and challenges such as rising unilateralism and economic nationalism. President Ramaphosa underscored the importance of upholding international law, human rights, and multilateralism, values that are under threat in the current global landscape. He welcomed the EU's support for multilateral institutions and emphasized the need for partners who share similar values to work together to strengthen global governance institutions and tackle the world's pressing issues. The summit also aimed to deepen the strategic partnership between Africa and the EU, with a focus on advancing peace, security, stability, and sustainable development. President Ramaphosa expressed gratitude to the EU for its support of South Africa's presidency of the G20, noting the bloc's positive contributions to the G20 process. The President highlighted the importance of collaborative efforts between African countries and the EU based on shared ownership, responsibility, respect, and mutual accountability. The discussions at the summit emphasized the mutual interest in advancing mutual goals and building a strong and sustainable partnership for the benefit of both regions. In conclusion, President Cyril Ramaphosa's engagement with the EU at the 8th South Africa-European Union Summit showcased South Africa's commitment to strengthening partnerships for economic growth, addressing global challenges, and promoting stability and development. The discussions at the summit laid the foundation for continued collaboration between the two regions in key areas such as investment, climate action, and multilateralism, highlighting the importance of cooperation and solidarity in a rapidly changing world.