Sir Keir Starmer, prime minister of the UK. (Image supplied by the British High Commission, Pretoria)
The UK has partnered with the JSE and Telkom to accelerate the growth of South Africa’s tech ventures.
The UK government made the announcement today after prime minister Sir Keir Starmer arrived in Johannesburg this morning ahead of the G20 Leaders’ Summit.
South Africa is set to host a historic G20 Leaders’ Summit – the first on African soil – in Johannesburg on 22 and 23 November.
The G20 (Group of Twenty) is an international forum that brings together the world’s major advanced and emerging economies to discuss global economic, financial and development issues.
In a statement, the UK government says Starmer is set to unveil a series of landmark initiatives aimed at stimulating job creation, unlocking private capital, and strengthening economic ties between the UK and South Africa.
It notes that in partnership with the JSE, over a period of 12 months, start-ups will gain investor readiness training, capital-matching opportunities, and access to listings via the JSE’s Private Placements Platform and Alternative Exchange.
An additional UK collaboration with Telkom will focus on artificial intelligence enablement for start-ups, supporting them to build scalable, tech-enabled businesses.
The UK says it remains committed to supporting South Africa’s efforts to reduce inequality and reach its economic growth ambitions. It notes that working alongside South African businesses to advance shared priorities is central to this.
In partnership with Anglo American, the UK is launching a programme focused on supporting small and medium enterprise (SME).
Backed by over R100 million in UK funding, South African start-ups will be provided with tailored support and connections to access capital.
According to the UK government, the programme is expected to unlock around R500 million in private finance and create more than 4 800 jobs.
Additionally, a first-of-a kind Lloyd’s of London syndicate in Johannesburg will establish local underwriting capability that will provide South African businesses with access to alternative insurance options.
Today, the UK prime minister will meet SME founders and innovators at a business engagement to see what impact these new partnerships will have.
“Working with international partners to deliver jobs and opportunity at home is a one-way ticket to growth…together we can drive growth, create highly-skilled jobs to drive down the cost of living, and deliver opportunity,” says Starmer.
The UK prime minister will also announce a new deal with Crossrail International to provide British expertise for South African rail system reform, opening opportunities for private investment and infrastructure development.
Trade between the UK and South Africa currently totals over R250 billion annually. To boost trade further, the UK and South Africa have agreed an Authorised Economic Operator Mutual Recognition Arrangement, which will cut red tape, reduce costs, and make trade simpler and more reliable for accredited businesses.
This agreement will benefit 99 South African exporters to the UK, including Harntech, Chebo-Pele and Biggi Brands.
In addition, UK firm Babcock will upgrade South Africa’s fleet of Type 209 submarines, strengthening security and fostering job creation. This is the first defence contract won by Babcock in South Africa.
“These announcements underscore the UK’s commitment to deepening economic ties with South Africa and advancing shared priorities at the G20 Leaders’ Summit,” the UK government states.
