On October 14, 2024, Saudi Arabia and South Africa held a Business Forum in Johannesburg, focusing on enhancing trade, investment, and expertise exchange. Over 400 delegates attended the event, which featured key ministers from both nations. A $25 million credit agreement was signed to boost trade activities, highlighting the commitment to strengthen bilateral relations over the coming years.
On October 14, 2024, a prominent Business Forum took place in Johannesburg, commemorating the robust partnership between South Africa and Saudi Arabia. This meeting served to explore avenues for ongoing trade, investment, and expertise exchange between the two nations. The diplomatic ties that bind Saudi Arabia and South Africa have matured significantly since their formal establishment three decades ago, underlining the importance of their collaboration as they are recognized as the leading economies in their respective regions. The forum witnessed the participation of over 400 delegates, including top officials from both public and private sectors. This event was organized collaboratively by the National Competitiveness Center (NCC) of Saudi Arabia, the South African Department of Trade, Industry and Competition, and the Federation of Saudi Chambers (FSC). Key speakers at the symposium included South African Minister of Trade, Industry and Competition, Mr. Parks Tau; Saudi Minister of Commerce and NCC Chair, Dr. Majed Al-Qasabi; as well as a lineup of other distinguished officials such as South African Minister of Small Business Development, Ms. Stella Ndabeni-Abrahams, and Saudi Ambassador to South Africa, Mr. Faisal Al-Harbi. Minister Parks Tau recognized the fruitful collaboration between both nations, emphasizing, “As a country, we want to enhance our export of value-added goods and services to Saudi Arabia.” He highlighted the strategic importance of increasing cooperation in sectors such as agro-processing, infrastructure, minerals beneficiation, technology transfer, healthcare, and agriculture. Furthermore, he urged Saudi companies to tap into the African Continental Free Trade Area (AfCFTA) to leverage the free movement of goods, services, and individuals across the continent. Supporting Minister Tau’s views, Minister Majed Al-Qasabi affirmed the Saudi delegation’s visit aligns with the Kingdom’s objective to enhance trade and economic relations with Africa, a commitment fortified by Crown Prince Mohammed bin Salman during the inaugural Saudi-African Summit in November 2023. The forum culminated in the signing of a significant $25 million (R440 million) credit agreement between the Saudi Export-Import Bank and Standard Bank Group to foster trade activities. The two countries also resolved to streamline their investment and trade potentials, aiming to develop a comprehensive action plan for implementation over the forthcoming two years.
The Business Forum held in Johannesburg serves as a pivotal event in the longstanding relationship between South Africa and Saudi Arabia. With the establishment of diplomatic ties 30 years ago, both nations have worked toward nurturing a collaborative economic environment. This forum is particularly noteworthy as it attempts to capitalize on their regional economic leadership, fostering trade, investment, and exchange of expertise. The presence of high-ranking ministers and the signing of a credit agreement illustrate the commitment of both countries to enhance bilateral relations, especially in value-added sectors of the economy.
In conclusion, the Business Forum hosted in Johannesburg marked a significant stride in the ongoing collaboration between South Africa and Saudi Arabia. With over 400 delegates in attendance and a strong emphasis on expanding trade and investment, the event underlines the importance of the bilateral relationship. The commitment to increase cooperation in various sectors and the signing of a substantial credit agreement reflect the strategic partnership aimed at mutual economic growth.
Original Source: brandsouthafrica.com
