SA-Saudi business council launched
24 February 2009
The South Africa-Saudi Arabia Business Council, launched in Pretoria this week, will seek to strengthen economic relations and increase trade and investment between the two countries.
Attending the third session of the South Africa-Saudi Arabia joint commission, Trade and Industry Minister Mandisi Mpahlwa said the launch was an important milestone and was necessary to increase bilateral trade. The Saudi delegation, comprising 15 government ministries and representatives of business, was headed by Saudi Arabian Commerce and Industry Minister Ali Reza.
"The two countries occupy crucial positions in their respective regions and have a great role to play in the economic development of countries in both the Middle East and southern Africa," Mpahlwa said. "There are opportunities available for business people to take advantage of in both nations and invest."
Mpahlwa said the bilateral meetings between the two governments were meant to ensure that a conducive environment was provided for business people to operate in, emphasising that the council would ensure that business people were able to engage directly about issues that affected them.
South Africa-Saudi Arabia joint commission
According to a statement by the Department of Trade and Industry this week, the third session of the South Africa-Saudi Arabia joint commission agreed on several issues, including:
- Increasing the volume of trade by using all possible means to facilitate the entry of products into each other's markets.
- Increasing investment flows between the two countries by concluding a memorandum of understanding between the Department of Trade and Industry and the Saudi Arabian General Investment Authority.
- Working together on initiatives to address food security.
- Getting Saudi Arabian experts to examine the foot-and-mouth disease situation in South Africa, with a view to lifting the kingdom's ban on South African meat and dairy product exports.
'No better time'
Reza said that Saudi Arabia had embarked on a programme aimed at diversifying the Saudi economy, which would open up more opportunities to possible investors from South Africa, and that there was "no better time" to nurture and enhance the relationship between the two countries.
"The current global economic crisis affects all of us. Nobody is insulated," he said. "As a result, the business people and governments from both countries need to work together to ensure that trade and investment is increased between South Africa and Saudi Arabia."
SAinfo reporter
Would you like to use this article in your publication
or on your website?
See: Using SAinfo material
