European Union leaders have announced a 4.7 billion euro ($5.1 billion) investment package in South Africa to support green energy transition and vaccine production at their first bilateral summit in seven years.

European Union leaders announced a 4.7 billion euro ($5.10 billion) investment package during a visit to South Africa on Thursday, at a time when both are on worse terms with the United States than they have been for decades.

The European Union and South Africa took another step toward shoring up a shaky relationship in a world where both are currently the target of US President Donald Trump’s unpredictable politics.

President Ramaphosa highlighted South Africa’s commitment to further discussions on a new EU investment package aimed at boosting economic collaboration.

The eighth EU-South Africa summit will be held in Cape Town this week, with both sides seeking strategic and reliable partners in the wake of hostilities by the United States.

EU foreign direct investment in South Africa was around 71 billion euros in 2022. Both sides are grappling with dramatic policy shifts from Washington since the return of US President Donald Trump to the White House this year. Trump’s government has targeted the South African government, freezing crucial aid and criticising several of its policies.

European Union leaders on Thursday announced a €4.7 billion ($5.10 billion) investment package during a visit to South Africa. This comes at a time when