Economic Development: Rishi Sunak Okays £5.37b Deal With South Africa

<h4>Economic Development<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that the United Kingdom and South Africa have agreed to join forces to drive economic growth and turbocharge infrastructure investment&period;<br &sol;>&NewLine;This was disclosed by Prime Minister Rishi Sunak early Tuesday&comma; 22nd November at the start of President Ramaphosa’s formal State Visit&period;<br &sol;>&NewLine;The next phase of the UK-South Africa Infrastructure Partnership is being launched today&comma; supporting South Africa’s economic growth through major infrastructure developments and offering increased access to UK companies to projects worth up to £5&period;37bn over the next three years&period;<br &sol;>&NewLine;The UK Government will also confirm new grant-funded technical assistance to South Africa to help unlock green hydrogen opportunities and boost skills in this key sector&period;<br &sol;>&NewLine;As an example of the opportunities for UK businesses&comma; Globeleq &&num;8211&semi; a UK company which is majority owned by British International Investment – is today announcing they have reached legal close on six solar power projects&comma; with construction expected to kick off in South Africa next year&period;<br &sol;>&NewLine;South Africa is the continent’s second largest economy and is already the UK’s biggest trading partner in Africa&comma; with trade worth £10&period;7 billion annually&period; Unlocking export finance offers significant opportunities for British businesses to invest and trade&period;<br &sol;>&NewLine;<a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">South Africa’s President Cyril Ramaphosa is in London for a two-day state visit&comma; hosted by His Majesty The King<&sol;a>&period; After attending a state banquet for the South African delegation Tuesday evening at Buckingham Palace&comma; the Prime Minister will welcome President Ramaphosa to Downing Street for a bilateral meeting and lunch on Wednesday&period;<br &sol;>&NewLine;In the remark&comma; Prime Minister Rishi Sunak said&colon;<br &sol;>&NewLine;<em><strong>South Africa is already the UK’s biggest trading partner on the continent&comma; and we have ambitious plans to turbocharge infrastructure investment and economic growth together&period; <&sol;strong><&sol;em><em><strong>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 capitalise on shared opportunities&comma; from trade and tourism and security and defence&period;<&sol;strong><&sol;em><br &sol;>&NewLine;A new education and skills partnership between the UK and the South African governments will also promote shared learning in technical and vocational education&comma; driving youth employment&period;<br &sol;>&NewLine;UK funding will build the highly sought-after technical and entrepreneurial skills in the biggest growth sectors including green technology and electric vehicle manufacture&comma; ensuring South Africa’s youth are benefitting from the green transition&period;<br &sol;>&NewLine;Foreign Secretary James Cleverly said&colon;<br &sol;>&NewLine;<em><strong>The UK’s relationship with South Africa is hugely important to us&period; Together we are working to deliver for the British and South African people&comma; creating jobs&comma; enhancing trade and investment&comma; and boosting inclusive economic growth&period;<&sol;strong><&sol;em><br &sol;>&NewLine;<em><strong>This week’s State Visit&comma; the first under His Majesty The King&comma; is a fantastic opportunity to celebrate our ties but also allows us to trigger greater growth&comma; create even more opportunities for British and South African businesses alike&comma; and further promote South Africa’s transition to green energy&period;<&sol;strong><&sol;em><br &sol;>&NewLine;The South Africa Just Energy Transition Partnership&comma; launched at COP26&comma; also offers new opportunities to collaborate on renewable technology and green innovation&period; The UK and South Africa are today announcing the creation of a new Partnership on Minerals for Future Clean Energy Technologies to promote increased responsible exploration&comma; production and processing of minerals in South and Southern Africa&period;<br &sol;>&NewLine;Countries in the region are among the world’s leading producers of vital minerals used in clean technology&comma; including platinum group metals and iridium for hydrogen production and vanadium and manganese for battery storage&period; This partnership will utilise the UK’s expertise as the home to leading global mining houses and financial services centre for metals to bolster sustainable and responsible production&period;<br &sol;>&NewLine;Trade Secretary Kemi Badenoch said&colon;<br &sol;>&NewLine;<em><strong>Today we’re moving into a new era of our dynamic trade relationship with South Africa&comma; with exciting collaboration on infrastructure&comma; clean technology&comma; and renewable energy sources&period;<&sol;strong><&sol;em><br &sol;>&NewLine;<em><strong>These new opportunities will unlock trade and investment for businesses from the Eastern Cape to East Anglia and boost growth&comma; create jobs and future-proof our economies against a changing world&period;<&sol;strong><&sol;em><&sol;p>&NewLine;<p>Source&colon;United Kingdom Foreign&comma; Commonwealth and Development Office<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;