Saudi Arabia And South Africa Sign 11 Agreements, Mous To Boost Investment
Date
10/16/2022 10:03:30 PM
(MENAFN- Trend News Agency) Saudi Arabia and South Africa signed 11 agreements and Memoranda
of Understanding to boost investment in energy, water, green
hydrogen, waste diversion, and logistics, reports citing
.
The deals were made at the Saudi-South African Investment Forum
in Jeddah which was organized by the Kingdom's Ministry of
Investment and was attended by South African President Cyril
Ramaphosa.
The agreements aimed to promote the developing investment
sectors between the two nations, SPA reported.
The forum's agenda included sessions to discuss major upcoming
and potential projects in the Kingdom as well as dialogue sessions
to discuss energy, renewable energy, mining, agriculture and food
processing, and tourism.
High-level officials from the Saudi side in attendance included
Investment Minister Khalid bin Abdulaziz al-Falih, Tourism Minister
Ahmed bin Aqeel al-Khateeb, and Minister of Industry and Mineral
Resources Bandar bin Ibrahim al-Khorayef. Several government
officials, the Federation of Saudi Chambers and private sector
representatives from both countries were also in attendance.
Bilateral trade between the two countries increased from $4.6
billion in 2019 to around $4.8 billion last year, and is expected
to exceed $5.3 billion this year, investment minister al-Falih
said.
The minister praised the solid and friendly ties between Saudi
Arabia and South Africa, including their economic and trade
cooperation which has stood for over three decades, and highlighted
that the priority areas of cooperation between the two countries
include renewable and green energy, mining, agriculture and food
processing, hydrogen and solar energy, tourism, aerospace, and
information technology, among others.
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