SA, Saudi Arabia cement relations
Tebogo Mantu
1 June 2004
South Africa has signed a Memorandum of Understanding with the Saudi Arabia Chamber of Commerce and Industry that will see the establishment of a joint business council.
Patrice Motsepe, the president of Business Unity South Africa (Busa) who signed the agreement with the Saudi Chamber of Commerce and Industry on Tuesday, urged businesses from both countries to move beyond the rhetoric and work to increase bilateral trade relations.
"It is very nice to talk but it is important to do more. We must begin to make things happen on the ground. I am very excited that things will happen," said Motsepe.
"There will be business, investment and trade between our countries," he said.
The deal is part of a Saudi Arabian delegation that arrived in South Africa on Sunday, whose aim is to expand the R14-billion trade relations between the two countries.
The Saudi delegation is led by Trade and Commerce Minister Hashim Abdullah Yamani, and
will depart on Friday.
Chairperson of the Saudi Chamber of Commerce and Industry Ali O' Al Zaid said the move paves the way for business from both countries to set a clear roadmap on how to create business opportunities.
"We need a clear road map to give us opportunities for both countries' businesses to increase the level of trade for the benefit of our people," said Al Zaid.
Trade and Industry Minister Mandisi Mpahlwa said the reason for expanding trade relations with Saudi Arabia was due to the strategic positions the two countries hold in their regions.
"We hope to address the economic relations with Saudi Arabia because we believe it's important for our countries considering our positions in our regions. The trade relations will enhance the impact each of our countries have on the region," said Mpahlwa.
Yamani said the council will also encourage trade between Africa and the Middle East.
"We have investments all over the world, but in
certain areas we need to complement our capabilities with SA as a partner. We are pushing strongly for a working partnership with SA and this is one of the defining criteria to reach that level," said Yamani.
The joint business council will also ensure direct exchange of information regarding economic and market situations, production and technological and industrial cooperation.
Source: BuaNews
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