Posted: September 30, 2022
The Minister of Trade, Industry and Competition (the dtic), Mr Ebrahim Patel will host the 9th session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) and the South Africa- Saudi Arabia Trade and Investment Forum. The objective of the forum is to provide South African and Saudi Arabian companies with a strategic platform to engage on bilateral trade and investment opportunities in both markets, while simultaneously affording them access to senior decision-makers and stakeholders.
The forum will take place at the Southern Sun Hotel in Arcadia, Pretoria on Monday, 3rd October 2022 from 09:00 alongside the 9th Session of the South Africa-Saudi Arabia Joint Economic Commission (JEC). The Minister of Trade, Industry and Competition, Mr Ebrahim Patel and Saudi Arabia’s Minister of Industry and Mineral Resources, Mr Bandar bin Ibrahim Al-Khorayef will address both the forum on 3rd October 2022, and the Plenary Session of JEC on 4 October 2022. And also on the 3rd October 2022, the launch of the South Africa-Saudi Arabia Joint Business Council and both Ministers are expected to address a press conference thereafter on 4 October 2022.
According to the Acting Deputy Director-General of Invest SA, Mr Yunus Hoosen, the JEC between South Africa and Saudi Arabia is envisaged to explore areas of cooperation, which will provide and promote opportunities on trade and investment, and industrial development.
“The JEC is an ideal platform to unlock investments through establishing networks with key Saudi Arabian officials and private sector leaders, and importantly to attract investment. Significantly, the launch of the South Africa-Saudi Arabia Joint Business Council will bring together captains of industry from both countries to develop a roadmap to deepen economic ties,” says Hoosen.
According to Hoosen, Saudi Arabia continues to be SA’s strategic partner in the Middle East. It is South Africa’s second largest trading partner the Middle East and largest source of imports from the region. He adds that the exchange of political and business visits, as well as trade and investment exhibitions and seminars by both countries in the past years have had a positive effect on trade and investment trends.
Total bilateral trade between South Africa and Saudi Arabia stood at R 66.15 billion in 2021 with South African exports at R 5.54 billion and imports from Saudi Arabia amounting to R 60.61 billion.
South Africa’s main exports to Saudi are concentrated in agriculture, and agro-processing, mineral resources, chemicals, automotive parts and components, and metals. On the other hand, Saudi Arabia ranked as a largest source of imports, mainly for oil supplier. Saudi Arabia plays an important role as a source of oil, as well as, a destination for South Africa’s exports.
Bongani Lukhele – Director: Media Relations
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Issued by: The Department of Trade, Industry and Competition (the dtic)