CAPE TOWN: The European Union has announced a €4.7 billion ($5.1 billion) investment package for South Africa to support green energy and vaccine production, reported africanews.com. The commitment was made on March 13 during the first bilateral summit between the EU and South Africa in seven years, held at President Cyril Ramaphosa’s office here.
Speaking at the summit, European Commission President Ursula von der Leyen drew parallels between the histories of the EU and South Africa, both of which emerged from conflict and found a path to peace through reconciliation, said the news portal report. . “South Africa remains an emblem of hope for the world,” von der Leyen stated. “Today, we are together announcing an investment package to mobilise €4.7 billion in South Africa.” South African President Cyril Ramaphosa echoed this sentiment, emphasising the importance of collaboration in upholding shared values.
“This is the time to work together in defense of what we believe in – democracy, the rule of law, including the respect for international law and international humanitarian law,” Ramaphosa said. The EU and South Africa, said the africanews.com report, already share a strong trade relationship, with the bloc being South Africa’s largest trading partner in sub-Saharan Africa. Von der Leyen reiterated Europe’s commitment to expanding trade ties. “We want to strengthen and diversify our supply chains, but we want to do it in cooperation with you,” she said, calling South Africa a “reliable partner” known for stability and predictability.
A major focus of the investment package is South Africa’s transition from coal to greener energy. The EU pledged to continue supporting the Just Energy Transition Partnership (JETP), a multilateral initiative aimed at reducing carbon emissions. This comes in stark contrast to the recent US withdrawal from a similar agreement, according to the report. “We know that others are withdrawing, so we want to be very clear with our support,” von der Leyen affirmed. “We are doubling down, and we are here to stay.”
The summit took place amid growing geopolitical tensions, with the EU reaffirming its commitment to South Africa’s leadership within the G20. Ramaphosa aims to use South Africa’s G20 presidency to advocate for debt relief and climate financing for developing nations – priorities that have been downplayed by the US.
Tensions between South Africa and the US have been rising, particularly after South Africa launched a case at the United Nations’ top court accusing Israel, a US ally, of genocide in Gaza.
