South Africa is looking to further deepen economic ties and attract foreign direct investment from Saudi Arabia, the largest oil producer within the Organisation of the Petroleum Exporting Countries.
Trade, Industry and Competition Minister Ebrahim Patel will today host the 9th session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) and the South Africa- Saudi Arabia Trade and Investment Forum.
The forum aims to provide companies from both countries with a strategic platform to engage on bilateral trade and investment opportunities in both markets, while simultaneously affording them access to senior decision-makers and stakeholders.
Patel and Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, will deliver keynote addresses at the event, being held in Pretoria, and then launch the South Africa-Saudi Arabia Joint Business Council.
Acting deputy director-general of Invest SA, Yunus Hoosen, said the JEC will explore areas of co-operation between the two countries to promote opportunities on trade and investment, and industrial development.
“The JEC is an ideal platform to unlock investments, through establishing networks with key Saudi Arabian officials and private sector leaders, and, importantly, to attract investment,” Hoosen said.
“Significantly, the launch of the South Africa-Saudi Arabia Joint Business Council will bring together captains of industry from both countries to develop a roadmap to deepen economic ties.”
According to Hoosen, Saudi Arabia continues to be South Africa’s strategic partner in the Middle East, and is South Africa’s second largest trading partner in that region.
Hoosen said the exchange of political and business visits, as well as trade and investment exhibitions and seminars by both countries in past years have had a positive effect on trade and investment trends.
Total bilateral trade between South Africa and Saudi Arabia was R66.15 billion last year, with South African exports at R5.54bn and imports from Saudi Arabia amounting to R60.61bn.
South Africa’s main exports to Saudi are in agriculture and agro-processing, mineral resources, chemicals, automotive parts and components, and metals.
Saudi Arabia is a major supplier of oil to South Africa.
BUSINESS REPORT