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The South Africa-Saudi Arabia Economic Council works to promote trade as part of efforts to grow the economies of both countries.
In 2023, South Africa’s exports to Saudi Arabia increased to R7.3 billion from R6.6 billion in 2022, while imports from Saudi Arabia decreased from R73.6 billion in 2022 to R54.6 billion in 2023.
Exports include agricultural products, automobiles, and basic chemicals, while imports mainly include refined petroleum and related products, and crude oil.
South Africa-Saudi Arabia Business Council Co-Chairman Stavros Nicolau stressed the need to increase trade and investment at a press conference commemorating the visiting Saudi business delegation.
“From my point of view, the Saudi market offers significant growth opportunities for South African companies looking to expand in the Gulf region, as demonstrated by local companies that are slowly establishing a presence in the region. ” Nicolaou said.
President Cyril Ramaphosa and Minister of Trade, Industry and Competition Ebrahim Patel are leading ongoing efforts between South Africa and Saudi Arabia, resulting in local businesses gaining a foothold in the vast Saudi market. .
Dr. Hisham Al Amoudi, Vice-Chairman of the Saudi-South African Business Council, also spoke at the same media briefing and reaffirmed Saudi Arabia’s commitment to investing in South Africa.
Mr Al Amoudi said the South Africa-Saudi Arabia Joint Economic Commission and Business Council is an excellent platform to further advance and promote inward investment between the two countries.
He said Saudi Arabia is committed to increasing investment across various sectors in South Africa.
Mr Al Amoudi said: “We are committed to increasing investment for mutual benefit and supporting South Africa’s economic growth. Our current investments are contributing to South Africa’s gross domestic product.” Ta.
The visit of the Saudi economic delegation is aimed not only at strengthening current trade relations, but also at exploring opportunities for South African companies to increase market access for products with high export potential to Saudi Arabia.
These products include vehicles for transporting people, fruit, mineral resources, chemicals, machinery and electrical equipment.
Additionally, the Saudi delegation aims to increase Saudi investment in sectors other than South Africa’s renewable energy industry. Currently, Saudi Arabia is the largest investor in South Africa’s local renewable energy sector, and ACWA Power plays a leading role in this sector.
Overall, Saudi investments in South Africa are estimated at $1.62 billion.
The Business Council focuses on five major workstreams: Energy and Renewables, Tourism, Hospitality and Entertainment, Healthcare and Pharmaceuticals, Mining and Commodities, and Food and Agro-Processing. These areas aim to leverage investment funds from Saudi Arabia while leveraging the opportunities that South Africa offers in these areas.
(From a South African government press release)
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