This Flash Report provides an aerial perspective on the key legislative changes in Broad-Based Black Economic Empowerment (B-BBEE) since 2015, which affects EU businesses in South Africa.
On 18 February 2020, the Minister of the Department of Mineral Resources and Energy published a consultation paper and invited the public to comment.
Following a special cabinet meeting on 15 March 2020, President Cyril Ramaphosa addressed the country on the national response to the COVID-19 pandemic.
Mr Frans Timmermans, Executive Vice-President of the European Commission, responsible for the Green Deal, was in South Africa in early March 2020.
Some of the key issues faced by European Union businesses in South Africa have been highlighted in an Investment Paper, looking at sentiment and highlighting enormous opportunities for trade with the EU.
Globally, most GHG emissions are due to fossil fuels and this is especially the case in South Africa. Additional contributions expected from developing countries means that the global energy demand is expected to rise by a third by 2040.
The SADC-EU Economic Partnership Agreement (EPA) came into effect on 1 October 2016 and provides for the full liberalisation of tariffs on most product lines.
The European Union and South Africa hold a privileged economic relationship that has grown over decades.
At the 7th European Union – South Africa (EU-SA) Summit held in November 2018, both parties recognised the EU as “a significant and long-term investor in South Africa”.
On 27 August, National Treasury (NT) released an unexpected discussion paper titled “Economic transformation, inclusive growth, and competitiveness: Towards the Economic Strategy for South Africa”