Witkoff Arrives in St. Petersburg for Meeting With Putin

EU Ambassador Kristian Schmidt defended the principle of Black Economic Empowerment (BEE) but emphasized the need for flexibility in its implementation. He highlighted the differences in stance between the European Union and the US regarding South Africa's domestic policies. The EU takes a subtler approach, accepting BEE while negotiating with Pretoria to adapt the policy.

Schmidt affirmed that Europe acknowledges its historical responsibility in South Africa's past injustices and will not push for change in this legislation. The ambassador also mentioned the potential for local content or local recruitment if the necessary resources were not readily available. Additionally, Schmidt discussed the possibility of equity equivalence, where foreign companies could invest in transformation funds instead of ceding 30% ownership to local individuals.

Both sides emphasized that stability in a country could be fostered by improving equality. Regarding Ukraine, Schmidt stated that Europe cannot support double standards and that if South Africa condemns actions in Gaza and Sudan, it must also condemn Russia's actions in Ukraine. He noted that the EU values shared values and that South Africa's stance on the matter is consistent with its own principles.

In terms of trade and investment, the EU is South Africa's largest trade partner, and the two regions have a cumulative investment of about €40.4-billion.