EU Pledges €4.7 Billion to South Africa

European Union leaders announced €4.7 billion ($5.1 billion) in investments in South Africa to support green energy and vaccine production and agreed to begin talks on new trade deals with Africa's biggest economy.

The announcement came at the first bilateral EU-South Africa summit in seven years on Thursday at the office of South African President Cyril Ramaphosa in Cape Town, according to the Associated Press.

European Commission President Ursula von der Leyen and European Council President António Costa spoke with Ramaphosa about the need to strengthen international cooperation during the meeting.

"We will defend our interests," von der Leyen said in response to US President Donald Trump's recent threat to impose 200% tariffs on EU alcohol. "We have said this and shown this, but at the same time, I want to emphasize our openness to negotiations."

Von der Leyen added that Europe is looking forward to deepening its trade relations with South Africa, which is already the EU's largest trading partner in sub-Saharan Africa.

Sitting next to Ramaphosa, Von der Leyen said, "We want to strengthen and diversify our supply chains, but we want to do this together with you." She described this as a new chapter in their relationship, referring to South Africa as a reliable partner. "Both sides have great respect for stability, predictability, and reliability," she said.

Ramaphosa emphasized that the summit came at a time of increasing global uncertainty. Both the EU and South Africa have felt the effects of the first months of Trump's second term.