Mashatile Affirms SA’s Commitment to Inclusive Economic Growth During UK Visit

The Deputy President addressed pressing issues such as poverty and the high cost of living, indicating that these are top priorities for the GNU.

Deputy President Paul Mashatile has reaffirmed the South African government's commitment to fostering an inclusive economy and assured business leaders in London that the Government of National Unity (GNU) is diligently working to turn this vision into reality. Speaking at the Bloomberg roundtable discussion on September 30, 2024, during his weeklong working visit to the United Kingdom, Mashatile emphasized the importance of enhancing trade and investment relations between the two nations.

Mashatile's delegation is in the UK to build on the outcomes of President Cyril Ramaphosa’s State Visit in 2022, focusing on inclusive economic growth, climate change challenges, and the Just Transition. "We aim to ensure a balance and increase trade between our two countries," he stated, highlighting the ongoing efforts to strengthen bilateral partnerships in various sectors, including trade, investment, skills development, science, innovation, tourism, and energy transition.

The Deputy President addressed pressing issues such as poverty and the high cost of living, indicating that these are top priorities for the GNU. "Our people voted for us to collaborate to create better employment opportunities and equal economic growth across all facets of society," he added, stressing that the GNU represents the best strategic option for advancing South Africa’s economic future.

Mashatile reassured potential investors and business stakeholders that the GNU is dedicated to creating a conducive environment for businesses to thrive. "As the new government, we will continue to hold the United Kingdom in a special place in our hearts, not only due to our historical ties but also because of the immense potential for collaboration and growth between our two countries," he remarked.

By nurturing stronger trade and investment relationships, he aims to create a “win-win” situation that promotes economic prosperity and stability for both nations. Acknowledging the challenges faced by both countries—stagnant economic growth due to the COVID-19 pandemic, the energy crisis, and the Russia-Ukraine war—Mashatile assured UK business leaders of South Africa's commitment to reviving its economy, citing notable progress in economic growth and development.

The Deputy President urged UK businesses to deepen their investment ties with South Africa. "We assure investors that investments in South Africa are secure. Our business environment is stable, as is the political environment, supported by policy certainty and regulatory safeguards," he said. He outlined the government’s initiatives to boost electricity generation, increase private participation in the freight-rail network, and reform the complex work permit system.

Mashatile noted that measures to address load shedding have begun to yield positive results. "We are also looking at expanding our investment in the United Kingdom because we see you as a major economic powerhouse with a diverse and dynamic market that offers numerous opportunities for our businesses," he remarked.

He emphasized that enhancing investment relationships with the UK could unlock new funding sources and expertise beneficial to critical sectors of the South African economy, such as infrastructure, manufacturing, and technology. "By working together, we can leverage each other’s strengths and resources to promote economic growth, create job opportunities, and improve the standard of living for all our citizens," he stated.

In conclusion, Deputy President Mashatile reiterated South Africa's commitment to fostering a strong and mutually beneficial relationship with the UK government, grounded in shared values of democracy, freedom, and economic prosperity. The ongoing discussions aim to pave the way for a collaborative future, enhancing both nations' economic landscapes.