Trade between SA and Saudi to increase

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.