Johannesburg - Trade between South Africa and Saudi Arabia will
increase to a targeted R60 billion within the next five years, the
department of international relations and cooperation said on
Wednesday.
"The two countries have agreed that the level of
investment is far below potential and undertook to work together to
explore several initiatives to address the situation," the department
said in a statement.
"The two countries have committed themselves to
strengthen relations through closer and focused cooperation in areas
such as infrastructure development, agriculture, mining and energy,
tourism, arts and culture," it said.
International relations deputy minister Ebrahim Ebrahim
concluded a working visit to Saudi Arabia on Wednesday after attending a
joint economic commission.
The commission resolved to set up South Africa-Saudi
Arabia Holdings as an investment holding company to accelerate
the development of investment opportunities in the identified sectors.
"This joint venture is a creative and practical
mechanism by the private sector to look at large-scale projects in
agriculture, mining and infrastructure," Ebrahim said in the statement.