Enhancing Economic Cooperation: Saudi Arabia And South Africa Ministers Discuss Investment Opportunities

Minister of Industry and Mineral Resources Bandar Alkhorayef recently met with South Africa's Minister of Trade, Industry and Competition, Parks Tau, in Riyadh. This meeting was part of the 10th session of the Saudi-South African Joint Committee. It aimed to boost economic and investment ties between the two nations. Government representatives from both countries participated in this event.

Alkhorayef highlighted the strong relationship between Saudi Arabia and South Africa. He stressed the importance of leveraging available opportunities to enhance their economic partnership. He mentioned that trade between the two countries is growing and proposed exploring a trade agreement to further cooperation.

The Saudi minister emphasized focusing on specific tasks for the committee's outputs, which should be regularly monitored. He pointed out investment prospects in Saudi Arabia, especially in the automotive sector and its value chains, as well as mining and iron industries.

Minister Tau expressed gratitude for Saudi Arabia's hospitality and shared key opportunities available in South Africa. He highlighted sectors like automotive, iron, and mining that need investment and technical partnerships. He also noted that South Africa’s special economic zones could serve as attractive platforms for joint investments.

The meeting underscored both countries' commitment to strengthening their strategic partnership. They aim to build on existing cooperation in vital sectors to foster economic growth and sustainable development. This reflects a shared interest in expanding their collaboration beyond current levels.

In recent years, economic relations between Saudi Arabia and South Africa have seen significant progress. This is evident through strategic investments and increasing trade flows. Major projects have emerged in renewable energy, petrochemicals, and agricultural industries.

Trade Growth Between Nations

The total non-oil trade between Saudi Arabia and South Africa reached approximately SAR5.7 billion in 2024. This growth paves the way for more diverse future partnerships between the two nations.

The discussions during this meeting reflect a mutual desire to explore new avenues for cooperation. Both countries are keen on capitalizing on opportunities that can lead to broader economic diversification.

With inputs from SPA