On Monday, 14 October 2024, Saudi Arabia and South Africa hosted a Business Forum in Johannesburg. The meeting aimed to identify opportunities for continued Saudi/South Africa trade, investment, and expertise exchange. The bilateral relationship between Saudi Arabia and South Africa is friendly and has strengthened since its formal establishment 30 years ago. The collaborations between the two countries are especially significant considering that they are the biggest economies in their respective regions.
Over 400 delegates comprising of senior leaders from the public and private sectors attended the day-long engagement. It was presented by the National Competitiveness Center (NCC) from Saudi Arabia in partnership with the South African Department of Trade, Industry and Competition, and the Federation of Saudi Chambers (FSC).
In addition to remarks by South African Minister of Trade, Industry and Competition Parks Tau and Saudi Minister of Commerce and Chairman of the NCC Dr. Majed Al-Qasabi, South African Minister of Small Business Development Stella Ndabeni-Abrahams, South African Minister of Tourism Patricia de Lille, Saudi Deputy Minister of Commerce and NCC Chief Executive Dr. Iman bint Habbas Al-Mutairi and Saudi Ambassador to South Africa Faisal Al-Harbi participated in the formalities.
Minister Parks Tau acknowledged how collective efforts over the years have resulted in significant growth in overall trade. “As a country, we want to enhance our export of value-added goods and services to Saudi Arabia. It is important that, as we strive for a mutually beneficial trading relationship, we intensify cooperation in value-added sectors such as agro-processing, infrastructure, minerals beneficiation, services, technology and skills transfer, healthcare, automotive and agriculture” he said.
He encouraged Saudi companies to explore the opportunities presented by the African Continental Free Trade Area (AfCFTA) with regards to the free movement of goods, services and people across Africa.
Minister Majed Al-Qasabi echoed Minister Tau’s sentiments saying that the Saudi delegation’s visit to South Africa is part of the Kingdom’s commitment to strengthening its trade and economic relations with Africa. He also said that this commitment was supported by Crown Prince and Prime Minister Mohammed bin Salman emphasised this during the inaugural Saudi-African Summit which took place in Saudi Arabia in November 2023.
A key outcome of the Forum includes a $25 million (R440 million) credit agreement signed between Saudi Export-Import Bank and Standard Bank Group to facilitate trade.
The two countries have also agreed to consolidate their investment and trade opportunities to formulate a comprehensive action plan that will be implemented over the next two years.
