Saudi Arabia, South Africa trade exchange at $5 bln: Patel

Officials at the Trade and Investment Forum

South Africa values the trade and investment ties with Saudi Arabia, Minister of Trade, Industry and Competition Ebrahim Patel told Argaam in an exclusive on the sideline of the Trade and Investment Forum held in Pretoria.

He added that the total trade exchange between the two countries amounted to nearly $5 billion.

Oil constitutes the largest portion of this trade exchange, as the Kingdom exports it to South Africa, Patel said, adding that he agreed with Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef to further work on increasing the trade exchange and investment, as well as improving the economic relationship.

The Kingdom has a vision for the mining sector, while mining in South Africa is among the world’s most advanced sectors in terms of mining services and supply of technologies.

South Africa is a major global food supplier and exports fruits and meat to several countries, including the GCC. However, it has not yet cooperated efficiently in this aspect with Saudi Arabia.

Furthermore, South Africa sells some vehicles manufactured in Saudi Arabia; hence it is considered the industrial hub in the African continent. The Kingdom is also a very important gateway to the Middle East.

Patel said the industrial strengths, historical relationship, strong capital and available opportunities would benefit the two countries and enhance the Kingdom's goals of diversifying its economy. He added that there were fruitful discussions with the Saudi Minister of Industry.

The forum, held under the umbrella of Invest Saudi, was attended by more than 100 investors on Oct. 3. The Joint Economic Committee, at the government level, will hold a meeting today, Oct. 4, to discuss the possibility of concluding agreements between the two countries.

This will be followed by a visit by South African President Cyril Ramaphosa to the Kingdom, with the agreements intended to be signed before his visit, Patel said.