On October 14, 2024, Saudi Arabia and South Africa hosted a Business Forum in Johannesburg to explore trade and investment opportunities. With over 400 delegates in attendance, the forum highlighted the strong bilateral relations established over the past 30 years. Key outcomes included a $25 million credit agreement aimed at boosting trade, as well as a commitment to develop a comprehensive action plan for further collaboration in various sectors over the next two years.
On October 14, 2024, a significant Business Forum was convened in Johannesburg, South Africa, aimed at fostering enhanced collaboration between Saudi Arabia and South Africa. The primary objective of this forum was to explore new avenues for continued trade, investment, and the exchange of expertise between the two nations, which boast the largest economies in their respective regions. Since establishing formal diplomatic relations 30 years ago, the bond between Saudi Arabia and South Africa has grown steadily stronger. The forum attracted over 400 participants, including prominent figures from both the public and private sectors, showcasing a commitment to bolstering economic ties. This notable event was organized by the National Competitiveness Center (NCC) of Saudi Arabia in conjunction with the South African Department of Trade, Industry, and Competition, along with the Federation of Saudi Chambers (FSC). Key speakers at 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, and other governmental representatives from both nations. Minister Parks Tau addressed the gathering, acknowledging the progressive trade relationships cultivated over the years. He emphasized the importance of increasing the export of value-added goods and services to Saudi Arabia, stating, “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.” Moreover, he encouraged Saudi businesses to leverage the African Continental Free Trade Area (AfCFTA) to explore market opportunities across the continent. In agreement, Minister Majed Al-Qasabi reiterated Saudi Arabia’s commitment to strengthening trade relations with Africa, a directive supported by Crown Prince Mohammed bin Salman during the inaugural Saudi-African Summit held in November 2023. A notable achievement from the forum was the signing of a $25 million (R440 million) credit agreement between the Saudi Export-Import Bank and Standard Bank Group, which aims to enhance trading activities between the two nations. Furthermore, both countries have resolved to consolidate their trade and investment strategies into a comprehensive action plan for implementation over the next two years.
The relationship between Saudi Arabia and South Africa has evolved significantly since its inception three decades ago. As leading economies within their respective regions, both nations recognize the importance of collaborative efforts to drive economic growth. The establishment of various forums, such as the recent Business Forum, serves as a platform to identify and cultivate trade opportunities, investment possibilities, and the exchange of technological and managerial expertise. This engagement is particularly pivotal in light of Saudi Arabia’s broader commitment to enhancing economic ties with the African continent, an initiative that was recently highlighted by Crown Prince Mohammed bin Salman at the Saudi-African Summit.
The Business Forum held on October 14, 2024, marked a pivotal step in strengthening the economic relationship between Saudi Arabia and South Africa. With over 400 delegates participating and the signing of a significant credit agreement, the foundation for enhanced collaboration in trade and investment is being established. Both nations are poised to deepen their partnerships, particularly in value-added sectors, a move that is anticipated to yield mutual benefits over the coming years as they implement their comprehensive action plan for economic cooperation.
Original Source: brandsouthafrica.com
