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Davies in Saudi Arabia to discuss R133bn investment

Sep 30 2018 19:30

Minister of Trade and Industry Rob Davies is in Saudi Arabia to follow up on the Kingdom's pledge to invest $10bn (about R133bn) in South Africa.

Saudi Arabia committed to invest $10bn in the country in July, giving President Cyril Ramaphosa's ambitious plan to attract $100bn to kick start the limping economy a major boost.  

The $10bn is expected to be invested in the energy and power creation sectors.

Davies arrived in Saudi Arabia on Saturday to co-chair the 8th Session of the South Africa–Saudi Arabia Joint Economic Commission (JEC).

The minister is accompanied by a delegation of top government officials and business leaders.
The department explained in a statement on Sunday that the purpose of the visit is threefold.

"In addition to co-chairing the JEC, Minister Davies is leading a business delegation of South Africa companies from the financial services, agro processing and pharmaceutical sectors.

"The visit is also a follow up on President Ramaphosa’s state visit to Saudi Arabia in July 2018 where Saudi Arabia pledged to invest $10 billion in South Africa’s Energy, Defence and Agricultural sectors."
The 8th session of the JEC aims to assess the progress made of the commitments of the previous session. It also seeks ways to further deepen trade, economic and social cooperation.

"Minister Davies will address a Business Forum that will be hosted by the Riyadh Chamber of Commerce for business persons of both countries. A number of bilateral meetings with relevant Saudi Ministries and Investors have also been convened. These meetings will discuss the implementation of the institutions with a view of the $10 billion investment pledge."
Saudi Arabia is South Africa’s second largest trading partner and largest source of imports from the Middle East region. Globally, Saudi Arabia is among South Africa’s top 5 import partners, largely due to the amount of the oil imported from the Kingdom.

In terms of bilateral trade, total trade between South Africa and Saudi Arabia amounted to R55.4bn in 2017, with a trade surplus in favour of Saudi Arabia due to oil imports.

The total trade has shown consistent increase from R39.1bn in 2013 to R55.4bn in 2017.

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saudi arabia  |  rob davies  |  sa economy


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