JOHANNESBURG, June 1 (Reuters): Some 200 companies attended a European Union investment roadshow in South Africa on Monday, vying for a slice of €12 billion ($13.98 billion) in investments the bloc has pledged amid global rivalry over critical minerals.
The EU's first investment roadshow, hosted at the Johannesburg Stock Exchange, marks the first major attempt at mobilising capital under the 2025 EU-South Africa Clean Trade and Investment Partnership.
In line with other African countries, South Africa wants to make moving higher up the value chain a condition of access to critical minerals needed for the energy transition, modern weapons and artificial intelligence.
"Our objective is not to export raw minerals," Trade Minister Parks Tau said in opening remarks at the event. "Our objective is beneficiation, processing, industrial development."
China's restrictions on mineral exports with potential military applications have pushed Western nations to seek alternative supply chains across Africa.
David McAllister, chairman of the EU Parliament's foreign affairs committee, told Reuters in an interview that with regards to critical minerals, the bloc has learned from its experiences in diversifying away from Russian energy supplies, on which many members were heavily dependent.
"The best way to decrease dependencies is to diversify, and South Africa plays an important role," he added.
Among deals already struck between the countries, a €600 million framework loan to the Development Bank of Southern Africa will deliver 1,200 megawatts of green energy and displace 3.6 million tons of CO2.
A separate €1.48 billion facility for state freight company Transnet - the first drawdown under a €1 billion EU-EIB Just Energy Transition pledge - will modernise South Africa's port and rail network.
