Supra Mahumapelo Welcomes €11.5 Billion Investment Package: Advocates for Black Entrepreneurs

The Portfolio Committee on Internation al Relations and Cooperation is urging the European Union (EU) to establish direct support mechanisms for black-owned enter prises at the lowest levels of the value chain. This comes after the EU announced an €11.5 billion (R225 billion) Global Gate way Investment Package for South Africa during the Global Gateway Forum, which took place from October 9 to 10 in Belgium which has been welcomed by Committee Chairperson Supra Mahumapelo. The investment package announced by European Commission President Ursula von der Leyen, and Mahumapelo described it as a clear indication that global diplomacy and multilateralism are essential to addressing contemporary challenges. He emphasised that no nation can stand alone and that effective diplomatic relations shape the modern world. “We welcome this investment initiative by our reliable allies, both individually and as a collective trade avenue,” said Mahumapelo. He expressed the committee’s full sup port for the Congress of South African Trade Unions (Cosatu) position that the funding should come in the form of grants rath er than loans. Furthermore, Mahumapelo urged the EU to put in place direct support mechanisms specifically for black-owned enterprises at the grassroots level of the value chain. “South Africa is not only a vi able global investment destination but also a gateway to sub-Saharan Africa in terms of trade diplomacy and international relations. We have the capacity, markets, and infra structure to welcome global investors,” said Mahumapelo. He reiterated South African President Cyril Ramaphosa’s statement that the country is open for business, underscor ing the need for parliamentary committees to prioritise support for entities in villages, townships, and small industrial towns. “We endorse these investment initia tives, as they are likely to enhance econom ic growth and create job opportunities. We commend the president for his efforts in fos tering international opportunities in South Africa,” Mahumapelo concluded.