President Cyril Ramaphosa has called on British companies to intensify more opportunities for trade and investment in South Africa, citing the long-standing ties between the two countries as a big advantage.
The president, who is on a two-day state visit to Britain that ends on Wednesday, was addressing the House of Commons before attending a banquet hosted by King Charles III and the Queen Consort Camilla on Tuesday evening.
“There are few countries that have the depth of experience and knowledge of the South African economy than Britain,” Ramaphosa noted.
He added: “British companies need to use this advantage to greater effect, to seek out the opportunities in our country for investment and for trade.”
Ramaphosa said the time had come for Britain to renew commercial and investment ties with South Africa.
The UK is the largest foreign investor in South Africa and the country’s fifth largest export destination as well as being the largest source of tourist visitors outside of Africa in the last 20 years.
Ramaphosa thanked the United Kingdom for its commitment to implementing a just energy transition in South Africa which would see a reduction in carbon emissions without negatively affecting people’s lives and livelihoods.
The UK together with the United States, the European Union, and France pledged US$8.5 billion to South Africa at last year’s COP26 conference in Glasgow towards the just energy transition project.
Ramaphosa said those countries that carry the least responsibility for global warming were most vulnerable to its effects in the form of drought, floods and rising sea levels.
“This placed a responsibility on industrialised nations to contribute substantial resources to low- and middle-income countries to fund their climate actions – and this should not be seen as charity,” Ramaphosa said.
Ramaphosa was expected to call on British Prime Minister Rishi Sunak before leaving for home on Wednesday.
NM/jn/APA