On October 14, 2024, Saudi Arabia and South Africa convened a Business Forum in Johannesburg to enhance trade and investment opportunities between the two nations. Attended by over 400 delegates, the forum highlighted the countries’ economic commitment to collaboration, with key agreements and discussions focused on sectors such as agro-processing, healthcare, and trade facilitation through the African Continental Free Trade Area. A notable outcome was a $25 million credit agreement to support trade initiatives.
On October 14, 2024, in Johannesburg, Saudi Arabia and South Africa jointly hosted a Business Forum aimed at exploring opportunities for enhanced trade, investment, and exchange of expertise between the two nations. The amicable bilateral ties between these nations, which have been formalized for over 30 years, are particularly noteworthy as both countries represent the largest economies in their respective regions. The event was attended by more than 400 delegates, including senior officials from both the public and private sectors. Organized by Saudi Arabia’s National Competitiveness Center (NCC) in collaboration with the South African Department of Trade, Industry and Competition, as well as the Federation of Saudi Chambers (FSC), the forum facilitated significant discussions on future collaborations. Key figures participating in the forum included South African Minister of Trade, Industry and Competition, Parks Tau; Saudi Minister of Commerce and Chairman of the NCC, Dr. Majed Al-Qasabi; South African Minister of Small Business Development, Stella Ndabeni-Abrahams; Minister of Tourism, Patricia de Lille; Saudi Deputy Minister of Commerce and NCC Chief Executive, Dr. Iman bint Habbas Al-Mutairi; and the Saudi Ambassador to South Africa, Faisal Al-Harbi. Minister Parks Tau highlighted the importance of past cooperative efforts that have led to increased trade, stating that South Africa aims to boost exports of value-added goods and services to Saudi Arabia. He emphasized the necessity of intensifying cooperation in various sectors, including agro-processing, infrastructure, minerals beneficiation, services, technology and skills transfer, healthcare, automotive, and agriculture. Minister Tau also encouraged Saudi investors to capitalize on the opportunities presented by the African Continental Free Trade Area (AfCFTA), which facilitates the free movement of goods, services, and people across Africa. Echoing Minister Tau’s perspectives, Minister Al-Qasabi affirmed that the Saudi delegation’s visit signifies the Kingdom’s dedication to fortifying its trade and economic relations with African nations, underscoring the support of Crown Prince and Prime Minister Mohammed bin Salman for this initiative, as indicated during the inaugural Saudi-African Summit in November 2023. Among the key outcomes of the forum was the establishment of a $25 million (R440 million) credit agreement between the Saudi Export-Import Bank and Standard Bank Group to promote trade. Furthermore, both nations agreed to consolidate their investment and trade opportunities to develop a comprehensive action plan for the next two years.
The meeting between Saudi Arabia and South Africa in October 2024 marks a significant development in the longstanding relationship between the two countries, which has evolved over three decades. This Business Forum embodies their commitment to bolstering economic ties, particularly as they both stand as leaders in their respective regions’ economies. The current push for enhanced cooperation highlights the importance of trade and investment in a globalized economy, significantly through initiatives like the African Continental Free Trade Area (AfCFTA) which seeks to simplify trade across Africa. The participation of high-ranking officials signifies the seriousness of their intentions to explore various sectors for trade expansion and economic collaboration.
The Business Forum held in Johannesburg between Saudi Arabia and South Africa represents a pivotal moment in strengthening their bilateral relationship, characterized by significant economic ties set to expand through coordinated efforts in key sectors. This collaboration, backed by substantial financial agreements and a commitment to mutual economic growth, underscores the potential for enhanced trade relations and showcases both nations’ ambitions within the global market.
Original Source: brandsouthafrica.com
