South Africa and Saudi Arabia intend to increase bilateral trade and investments

Participants of the South Africa-Saudi Arabia Business Council meeting in Pretoria emphasised the potential of bilateral economic ties.

Speaking at a press conference alongside a delegation of Saudi businessmen, Business Council co-chair Stavros Nicolaou emphasised the importance of growing mutual trade and investment.

From his point of view, the Saudi Arabian market presents huge growth opportunities for South African companies intending to expand their business in the Gulf region. This is reported by Prensa Latina, a partner of TV BRICS.

For his part, Hisham Al Amoudi, Vice Chairman of the Council, reiterated Saudi Arabian commitment to investing in South Africa for mutual benefit as well as supporting South African economic growth. He said that the ongoing investments have a positive impact on the country's GDP.

Among the exported goods are agricultural products, vehicles, basic chemicals, minerals, machinery and electrical equipment. While South African imports consist mainly of refined petroleum and related products and crude oil.

Saudi Arabia is by far the largest investor in South Africa's renewable energy sector. Total Saudi investment in South Africa is estimated at $1.62 billion.

Photo: IStock