Latest news with #G20Summit
IOL News
12 hours ago
- Business
- IOL News
G20 South Africa 2025: a defining moment for the nation and the continent
Image: Supplied South Africa is preparing to welcome the world in 2025 as it assumes the presidency and hosts the G20 Summit in Johannesburg, a moment of national pride and continental significance. This milestone places South Africa, and by extension Africa, at the centre of global dialogue on economic growth, sustainable development, climate resilience, digital transformation, and multilateral cooperation. In the words of South African Deputy President Paul Mashatile, South Africa's goal is to promote mutually beneficial economic growth, create jobs and advance sustainable development for its partner nations. The Group of Twenty, commonly known as the G20, is the world's premier forum for economic cooperation. Representing more than 85% of global GDP, over 75% of world trade, and two-thirds of the planet's population, the G20 convenes the most powerful economies to address pressing global challenges. As the only African founding member of the G20, South Africa's presidency could not be more timely or symbolic. At a time when the world is redefining recovery and resilience in the wake of geopolitical tensions, economic uncertainty, and climate disasters, South Africa brings a grounded, inclusive voice to the table, one that reflects the aspirations of the Global South and the urgent developmental needs of the African continent. Image: Supplied The G20 countries' ability to respond collectively to mounting challenges facing the multilateral system will determine both the speed of global recovery and the future of sustainable development. Under the banner of 'inclusive growth for a just world,' South Africa's leadership is expected to spotlight issues such as financing for sustainable infrastructure, the global energy transition, youth employment, food security, digital inclusion, and equitable access to global markets. These are not only global concerns, but they are also everyday realities for millions across Africa. The Summit will attract heads of state, finance ministers, central bank governors, and global institutions like the UN, World Bank, and International Monetary Fund. Beyond political leadership, the G20 also engages civil society, youth, women, labour, business, and think tanks through structured engagement groups—offering platforms for a wider range of voices to shape global policy. Johannesburg, as host city, will become a strategic hub of diplomacy, business exchange, and cultural showcase. While the summit itself is a high-level, closed-door affair, South Africans can expect a wave of public engagement, community-driven programmes, investment conversations, and national pride as the event draws near. 'The G20 presidency is a powerful opportunity for South Africa to place Africa's priorities at the heart of global decision-making. We are committed to driving an inclusive agenda that ensures no country, and no person, is left behind.' said President Cyril Ramaphosa. Image: Supplied For the South African government, this is more than ceremonial. It is an opportunity for G20 members to transform commitments into lasting action. Key issues remain a challenge in the country and the continent, and there is a call for greater accountability to drive tangible progress in the global pursuit of gender equality SA's G20 presidency is also an opportunity to elevate African perspectives, strengthen international alliances, and advance sustainable development goals. It is a chance to reinforce South Africa's commitment to multilateralism and global cooperation at a time when unity is more important than ever. As preparations intensify in the coming months, all eyes will be on South Africa not just as a host, but as a bridge between developed and developing economies. The 2025 G20 Summit is more than just a gathering of nations. It is a moment for South Africa to lead with purpose, to shape global consensus, and to drive transformation that begins on the continent but resonates across the globe. Stay updated by visiting or follow #G20SouthAfrica2025 for news, opportunities, and ways to engage.
IOL News
15 hours ago
- Business
- IOL News
South Africa at a crossroads: Navigating global leadership for green industrialisation
The Minister of Trade, Industry and Competition, Parks Tau. Minister Tau's green industrial vision presents a promising pivot, says the author. Image: Independent Media Archives Poised at a critical crossroad, South Africa finds the complexities of its just transition encompassing both profound challenges and significant opportunities – illuminated by the recent G20 Finance Ministers' and Central Bank Governors' Meeting and Minister Parks Tau's budget speech for the Department of Trade, Industry, and Competition. These two events offer a glimpse of how the country could leverage its leadership position internationally and domestically to drive a sustainable, equitable and transformative economic shift. As South Africa approaches the G20 Summit in November 2025, the G20 Finance Ministers' and Central Bank Governors' Meeting held in Durban last week demonstrated the country's standing in building unity and the influencing global financial ecosystem. The meeting culminated in the issuing of a communiqué consented to by all members that centres on strategic macroeconomic issues, multilateral cooperation, price stability and capital mobilisation - all having important implications for South Africa's just transitions. At the meeting, ministers and central bank governors considered key recommendations for enhancing collaboration among Vertical Climate and Environment Funds, Multilateral Development Banks, National Development Banks, and the private sector for innovative financing mechanisms. They also shared views on binding macroeconomic and microeconomic constraints to scaling up sustainable finance. Significantly, members reaffirmed the urgency of scaling up financing for adaptation and just transitions. South Africa's global advocacy within the G20 is commendable, but the true measure of our G20 Presidency lies in converting these high-level pledges into tangible impacts that elevate marginalised communities. At home, Minister Tau's budget speech put the urgency of action required to address entrenched economic exclusion. For the past three decades the country's economy has been trapped in a paradox albeit blessed with mineral wealth, human ingenuity, and democratic promise, yet shackled by 34% unemployment, devastating poverty and inequality, and growth averaging just 0.7% since 2014. Minister Tau's green industrial vision presents a promising pivot that is centred around renewable energy, critical minerals beneficiation, local manufacturing, and inclusive finance that turns country's economic polycrisis into a bold just transition programme in which the energy transition benefits the society. Green industrial hubs such as the Boegoebaai Hydrogen SEZ and its concomitant R339 billion investment pipeline promised a series of value chains beyond renewable energy. A well planned and sequenced implementation will have a monumental impact. The South African Renewable Energy Masterplan (SAREM) targets local manufacturing of solar, wind turbines, and batteries for industrial scale manufacturing capabilities with significant value chains development envisaged. This illustrates a potential roadmap for green industrialisation, catalysing substantial investment and job creation. However, the success of these plans hinges critically on execution, ensuring that the public and private sectors procurement policies enforce local content. The promised "high-speed approval lane" under the Omnibus Bill for high impact projects must ease the doing business. Developing local and black industrialists, and community and worker owned enterprises should be the cornerstone of the bill's implementation to democratise the local ownership of the economy. Moreover, the international trade landscape and geopolitics presents both threats and opportunities. The 'Butterfly Strategy' posited by Minister Tau rightly sets out to diversify the country's trade beyond the West. As the United States trade regime threaten South Africa with a 30% tariff and the European Union implement its Carbon Border Adjustment Mechanisms, South Africa's exports face threats at multiple fronts. The Minister's speech lacked substantial content on the 'Butterfly Strategy', whether new markets are being sought or expanding existing markets to mitigate the risks exposure of South African exporters. While he did make cursory reference to ongoing engagements with the United States government, he provided no other alternative action barring the African Continental Free Trade Area. Possible expansion considerations may include prioritising regional value chains in batteries, electric vehicles, and solar technology with Namibia (green hydrogen), DRC (cobalt), and Morocco (solar), building out trade agreements within BRICS, etc. Ultimately, the G20 commitments and Minister Tau's green industrial strategy intersect profoundly. Both stress the importance of inclusive growth, sustainable finance, and collective action. South Africa's leadership in the G20 offers a unique moment to advocate for global equity while simultaneously transforming our domestic economy. This dual role requires vigilance and accountability to ensure lofty goals translate into lived realities. South Africa's industrial policy goes beyond economic growth, it serves as a form of social healing. Imbuing the just transition into industrial policy will lead the redress of historically skewed economic ownership and participation patterns and changing the fabric of our society into one of shared prosperity for all. The alignment between international advocacy and domestic action could set South Africa as a global example of how finance, industrial policy, and social justice can converge, powerfully impacting the most vulnerable in society. Yet this potential demands a commitment to action, beyond rhetoric, and beyond pledges. It is a moment to unite collective efforts across government, industry, and society, moving decisively from vision to reality. South African can lead the Global South but only if we treat this moment with urgency and into collective creation. Devan Pillay is the Executive Manager: Institutional Support at the Presidential Climate Commission. Image: Supplied Devan Pillay is the Executive Manager: Institutional Support at the Presidential Climate Commission *** The views expressed here do not necessarily represent those of Independent Media or IOL. BUSINESS REPORT
&w=3840&q=100)
First Post
21 hours ago
- Business
- First Post
Has Trump finally got Xi's China invite? He teases Beijing visit in ‘not-too-distant future'
US President Donald Trump said on Tuesday that he is likely to visit China in the near future, amid efforts to stabilise trade and security ties between the world's two largest economies read more US President Donald Trump and Chinese leader Xi Jinping are seen during an engagement on the sidelines of the G20 Summit in Osaka, Japan, in 2019. (Photo: Reuters) US President Donald Trump said on Tuesday that he is likely to visit China in the near future, amid efforts to stabilise trade and security ties between the world's two largest economies. 'President Xi has invited me to China, and we'll probably be doing that in the not-too-distant future,' Trump told reporters in the Oval Office. 'A little bit out, but not too distant. And I've been invited by a lot of people, and we'll make those decisions pretty soon.' STORY CONTINUES BELOW THIS AD The potential trip, which has yet to be finalised, could coincide with Trump's scheduled visit to Asia later this year. According to sources cited by Reuters, one option under consideration is a bilateral meeting with Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, set to take place in South Korea from October 30 to November 1. Another possible occasion would be a Beijing ceremony on September 3 to mark the 80th anniversary of the end of World War Two, which Russian President Vladimir Putin is also expected to attend. If confirmed, meetings between Trump and either Xi or Putin would mark the first in-person encounters since Trump's second inauguration on January 20. Neither the White House nor China's Ministry of Foreign Affairs has commented publicly on the reports. Meeting Marcos, eyeing Beijing Trump's remarks came during a meeting with Philippine President Ferdinand Marcos Jr., a key U.S. ally in the Pacific region. Trump noted that he had convinced Marcos to steer away from Chinese influence. 'The country was maybe tilting toward China for a period of time, but we un-tilted it very, very quickly,' he said. 'I don't mind if he gets along with China because we're getting along with China very well.' Since taking office in 2022, Marcos has sought closer defence ties with Washington amid escalating tensions with Beijing in the South China Sea. The US and the Philippines share a mutual defence treaty dating back over 70 years, potentially drawing Washington into any maritime conflict between Manila and Beijing. Trade standoff and tariff deadline Despite recent overtures, Washington continues to view Beijing as its primary strategic rival. Since Trump's return to office, he has reignited a protectionist agenda, resuming tariff battles that first began during his previous term. China's support for Russia, tensions over Taiwan, the opioid trade, and the use of exit bans on US citizens remain key sources of friction. Nonetheless, Trump has recently struck a more conciliatory tone, describing his relationship with Xi as 'healthy.' STORY CONTINUES BELOW THIS AD The president has floated a plan for a 'universal' 10 per cent tariff on all imports, with higher rates for specific countries. Chinese goods currently face a 55 per cent tariff— the highest among US trade partners. Trump has given both countries until August 12 to negotiate a 'durable' tariff agreement. Whether an upcoming visit to Beijing helps break the impasse remains to be seen.
&w=3840&q=100)
First Post
2 days ago
- Business
- First Post
India-UK FTA nearing completion, 'last-minute work' underway: Misri ahead of PM Modi's London visit
Foreign Secretary Vikram Misri announced Tuesday that the long-delayed India-UK Free Trade Agreement (FTA) is nearing completion, with both nations finalising 'legal scrubbing' and other closing formalities read more PM Narendra Modi shakes hands with his UK counterpart PM Keir Starmer at the G20 Summit that took place in Brazil. Image courtesy: Prime Minister Narendra Modi is set to embark on a two-day state visit to the United Kingdom starting July 23, with Foreign Secretary Vikram Misri announcing Tuesday (July 22) that the long-delayed India-UK Free Trade Agreement (FTA) is nearing completion, with both nations finalising 'legal scrubbing' and other closing formalities. 'We are working on legal scrubbing and other last-minute work that needs to be done,' Misri stated at a press conference ahead of Modi's London visit, where the trade pact is slated for signing on July 24. STORY CONTINUES BELOW THIS AD 'The UK is the sixth-largest investor in India, with cumulative investment of $36 billion. Interestingly, India is also a major investor in the UK, with nearly $20 billion in cumulative FDI,' he highlighted. During the visit, PM Modi will engage in comprehensive discussions with UK Prime Minister Keir Starmer, covering trade, defence, innovation, climate change, and education. Misri stressed the 'Comprehensive Strategic Partnership' established in 2021 between the two countries, noting, 'There have been regular high-level exchanges between the two sides, and institutional mechanisms are in place to drive cooperation across financial, strategic, energy and scientific domains.' PM Modi will also embark on a state visit to the Maldives from July 25–26 at the invitation of President Mohamed Muizzu. This marks Modi's third trip to the Maldives and the first by a head of state or government during Muizzu's presidency. On July 26, Modi will serve as the 'Guest of Honour' at the 60th anniversary celebrations of Maldives' Independence. During the visit, he will hold talks with President Muizzu on shared interests and review progress on the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership,' adopted during Muizzu's October 2024 state visit to India. STORY CONTINUES BELOW THIS AD 'The visit reflects the importance India attaches to its maritime neighbour, Maldives, which continues to hold a special place in India's 'Neighbourhood First' policy and Vision MAHASAGAR. The visit will provide an opportunity for both sides to further deepen and strengthen the close bilateral relationship,' India's Ministry of External Affairs (MEA) said in a statement.
The Hindu
3 days ago
- Politics
- The Hindu
NGO lauded for work in violence prevention, education, financial inclusion and interfaith dialogue
An event marking 30 years of the Confederation of Voluntary Associations (COVA) was organised which brought together several volunteers, partners, staff, and well-wishers from across the country. The Reflections on Association with COVA@30 event saw video messages from collaborators across India highlighted COVA's wide-ranging engagement on over 30 issues ,from grassroot works in slums of Hyderabad to policy advocacy with multilateral institutions. A documentary produced by Maulana Azad National Urdu University's Mass Communication Department traced the organisation's evolution and reach in the area of social activism. A book, Chronicle of COVA@30: Service Through Social Transformations, featuring reflections from 150 individuals, that include partners, associates, and volunteers, was also released. Speakers deeply appreciated COVA's notable work in violence prevention, education, financial inclusion and interfaith dialogue. The organisation's Compassionate Citizenship Programme, now part of Telangana's school curriculum, was praised as a model for moral and civic education. According to a media release, its research on financial inclusion, commissioned ahead of the 2013 G20 Summit in Russia, resulted in nine of its twelve recommendations being adopted by India's Finance Ministry, five of which were integrated into the eMUDRA Scheme. Participants recalled how COVA's community initiatives had helped prevent communal violence in Hyderabad since 2012, describing the group's work as vital to peacebuilding and social harmony.
