On October 14, 2024, Saudi Arabia and South Africa hosted a Business Forum in Johannesburg with over 400 delegates attending. The forum focused on enhancing trade, investment, and expertise exchange, supported by significant agreements, including a $25 million credit deal, marking a commitment to strengthen bilateral economic relations over the next two years.
On October 14, 2024, a significant Business Forum was convened in Johannesburg, where Saudi Arabia and South Africa sought to enhance their longstanding trade and investment collaboration. This forum was attended by over 400 dignitaries, including high-ranking officials from both public and private sectors, marking a pivotal moment in the bilateral relationship, which has been notably friendly since its formal establishment three decades ago. Notably, both nations are recognized as the largest economies within their respective regions, underscoring the importance of their partnerships. The event was jointly organized by the National Competitiveness Center (NCC) of Saudi Arabia, along with the South African Department of Trade, Industry and Competition, and the Federation of Saudi Chambers (FSC). Among the key speakers were South African Minister of Trade, Industry and Competition, Mr. Parks Tau, and Dr. Majed Al-Qasabi, Saudi Minister of Commerce and Chairman of the NCC. Additional contributions came from South African Minister of Small Business Development, Ms. Stella Ndabeni-Abrahams; South African Minister of Tourism, Ms. Patricia de Lille; Dr. Iman bint Habbas Al-Mutairi, Saudi Deputy Minister of Commerce and NCC Chief Executive; and Mr. Faisal Al-Harbi, the Saudi Ambassador to South Africa. Minister Parks Tau emphasized the importance of enhancing exports of value-added goods and services from South Africa to Saudi Arabia, particularly in sectors like agro-processing, infrastructure, minerals beneficiation, services, technology, healthcare, automotive, and agriculture. He also encouraged Saudi entities to leverage the African Continental Free Trade Area (AfCFTA) to facilitate the movement of goods, services, and people throughout the continent. In a complementary statement, Minister Majed Al-Qasabi reiterated the Kingdom of Saudi Arabia’s dedication to bolstering economic ties with Africa, a commitment underscored by support from Crown Prince and Prime Minister Mohammed bin Salman during the inaugural Saudi-African Summit held in November 2023. A significant outcome of this forum was the signing of a $25 million (approximately R440 million) credit agreement between the Saudi Export-Import Bank and Standard Bank Group aimed at enhancing trade. Furthermore, both countries agreed to consolidate their investment and trade opportunities and to develop a comprehensive action plan for implementation over the next two years.
The collaboration between Saudi Arabia and South Africa has evolved into a significant partnership, particularly as both nations are major economic players within their respective regions—Saudi Arabia in the Middle East and South Africa in Africa. With their relationship officially established 30 years ago, both countries have sought to expand their trade, investment, and expertise exchange, which are seen as vital for their economic development. The hosting of the Business Forum in Johannesburg illustrates the commitment to this partnership, showcasing the potential for collaborative growth in various sectors amidst a rapidly changing global economic landscape.
The Business Forum held on October 14, 2024, represents a critical step in strengthening the economic ties between Saudi Arabia and South Africa. With both nations expressing a strong commitment to enhancing trade and investment, the establishment of specific agreements, such as the $25 million credit agreement, highlights their proactive approach. By unifying efforts under a comprehensive action plan, South Africa and Saudi Arabia are poised to unlock further economic opportunities and solidify their bilateral relationship.
Original Source: brandsouthafrica.com
