UK Prime Minister Sir Keir Starmer is set to unveil a series of landmark initiatives aimed at stimulating job creation, unlocking private capital and strengthening economic ties between the UK and South Africa.

This comes as he visits South Africa to attend the G20 Leaders’ Summit.

Starmer says the UK remains committed to supporting South Africa’s efforts to reduce inequality and reach its economic growth ambitions. “Working alongside South African businesses to advance shared priorities is central to this.”

In partnership with Anglo American, the UK is launching a R100-million programme focused on supporting small and medium-sized enterprises (SMEs) and connect them to capital.

The programme is expected to unlock about R500-million in private finance and create more than 4 800 jobs.

The UK has also partnered with the JSE to accelerate the growth of South Africa’s technology ventures. Over a period of 12 months, tech startups will gain investor-readiness training, capital-matching opportunities and access to listings through the JSE’s Private Placements Platform and Alternative Exchange.

Moreover, a UK collaboration with telecommunications company Telkom will focus on AI-enablement for startups, to support them in scaling.

Additionally, a first-of-a kind “Lloyd’s of London” syndicate in Johannesburg will establish local underwriting capability in a world-first initiative that will provide South African businesses with access to alternative insurance options.

Starmer is due to meet with SMEs and innovators at a business engagement ahead of the G20 Leaders’ Summit to gauge what impact these new partnerships could have.

“Working with international partners to deliver jobs and opportunity at home is a one-way ticket to growth. Together we can drive growth, create highly skilled jobs to drive down the cost of living, and deliver opportunity,” he says.

The UK Prime Minister will also announce a new deal with Crossrail International to provide British expertise for South African rail system reform, opening opportunities for private investment and infrastructure development.

Meanwhile, trade between the UK and South Africa currently totals about R250-billion a year.

To boost trade further, the UK and South Africa have agreed an Authorised Economic Operator Mutual Recognition Arrangement, which will cut red tape, reduce costs and make trade simpler and more reliable for accredited businesses.

This agreement will benefit 99 South African exporters to the UK, including Harntech, Chebo-Pele and Biggi Brands.

In addition, UK firm Babcock is set to upgrade South Africa’s fleet of Type 209 submarines, strengthening security and fostering job creation. This is the first defence contract won by Babcock in South Africa.

These announcements underscore the UK’s commitment to deepening economic ties with South Africa and advancing shared priorities at the G20 Leaders’ Summit.