COSATU Welcomes EU Investment Package
The Congress of South African Trade Unions (COSATU) welcomes the €11.5 billion European Union Global Gateway Investment Package in South Africa.
This package, announced by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa, will allocate approximately R173 billion to a Just Energy Transition, R24 billion to the Just Component, R20 billion to infrastructure and connectivity, and R6 billion to building the pharmaceutical value chain.
COSATU appreciates that the package commits to raising European investments in South Africa, which will be invaluable boosts to local jobs and communities, businesses and value chains.
The investment is expected to boost the economy, create jobs, and support local businesses and infrastructure, including energy generation capacity.
Author's summary: COSATU welcomes €11.5 billion EU investment package.