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More than 100 South African businesspeople from various sectors are accompanying President Cyril Ramaphosa on his state visit to Saudi Arabia, eager to expand business opportunities between the two countries.
South Africa hosted a Saudi government and business delegation in Pretoria last week, launched the Saudi-South African Business Council, and held the Joint Economic Commission’s 9th Session.
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On Saturday, Ramaphosa told the Saudi Arabia-South Africa Investment Conference that the positive feedback from these events, the warmth in the business relationship, and the private sector’s appetite for deeper partnerships in both countries encouraged him.
The president arrived in Jeddah, Saudi Arabia, on Friday for an official state visit that will last until Sunday, at the invitation of King Salman bin Abdulaziz Al-Saud, the Custodian of the Two Holy Mosques.
He stated that trade between the two countries had reached $5 billion and that he expected it to rise further in the coming years.
According to Ramaphosa, South Africa is the gateway to a dynamic continent with great prospects, just as Saudi Arabia is the gateway to the Middle East and the region.
Ramaphosa said South Africa is a leading mining economy, with mining having been an integral part of the country’s economic history for over a century.
He stated that South Africa possesses not only mineral resources, but also capability, capacity, and solid experience.
Ramaphosa said that because Saudi Arabia is interested in developing its own substantial mining resources, South Africa could provide expertise in mining services, technologies, equipment, and components.
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“I want to call on Saudi business to be part of the renewed momentum of international investors coming to South Africa. Through a targeted outreach to global and local businesses we have so far attracted investment commitments to the value of approximately $70 billion, and this number is growing,” he said.
His Excellency President @CyrilRamaphosa with His Royal Highness Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammad bin Salman bin Abdulaziz al Saud during his State Visit to Saudi Arabia#SAinSaudiArabia 🇿🇦🇸🇦#BetterAfricaBetterWorld 🌍 pic.twitter.com/U5iWEgtKaF
— Presidency | South Africa 🇿🇦 (@PresidencyZA) October 15, 2022
South Africa, according to Ramaphosa, is a “favourable, reliable, and stable place” to do business, with “sophisticated financial systems” and Africa’s deepest capital market, as well as a robust and strong rule of law, contract and property rights protection.
He stated that these far-reaching reforms were taking place in the energy, transportation, telecommunications, water, rail, ports, and network industries.
Ramaphosa said that Saudi companies have access to capital, know-how, and markets, and that there are numerous opportunities for joint ventures and industrial partnerships between the two business communities to promote increased trade and investment.
He went on to say that SA has been closely monitoring the Neom project on the Red Sea Coast.
With plans to source 100% of Neom’s energy from renewable sources, including hydrogen-based power, he believes Saudi investors will find significant opportunities in South Africa in this regard.
“Similarly, there are opportunities for South African business to leverage at Neom. We are the world’s largest producer of platinum, a key input in hydrogen fuel cell technology.
“Our ambitious plans to unlock the potential of the green hydrogen economy include developing a Hydrogen Valley that stretches from the platinum belt through the country’s industrial heartland,” Ramaphosa said.
He said a number of multinational investors like Anglo-American Platinum have already begun leveraging these opportunities.
The deliberations provided renewed impetus to strengthened economic cooperation in identified priority sectors, notably agriculture, defence, energy, and transport, further underpinned by regular high-level engagements between the two countries. pic.twitter.com/HiWzp0E1TQ
— Presidency | South Africa 🇿🇦 (@PresidencyZA) October 15, 2022