Saudi Arabia and South Africa sign 11 agreements, memoranda of understanding to promote investment

Saudi Arabia and South Africa signed 11 agreements and memorandums
of understanding to stimulate investments in energy, water, green
hydrogen, waste diversion and logistics, Trend quotes.
Al
Arabia.

The deals were concluded at the Saudi-South African Investment Forum
in Jeddah organized by the Kingdom Ministry
Investment and it was attended by the President of South Africa, Cyril
Ramaphosa.

The agreements were intended to encourage development investment
sectors between the two nations, SPA said.

The agenda of the forum included sessions to discuss important upcoming
and potential projects in the Kingdom as well as dialogue sessions
to discuss energy, renewable energy, mining, agriculture and food
processing and tourism.

High-ranking officials from the Saudi side were present
Minister of Investments Khalid bin Abdulaziz Al-Falih, Minister of Tourism
Ahmed bin Aqeel al-Khateeb and Minister of Industry and Minerals
Resources Bandar bin Ibrahim al-Khorayef. Several govt
officials, the Federation of Saudi Chambers and the private sector
representatives of both countries were also present.

Bilateral trade between the two countries grew from $4.6
billion in 2019 to about $4.8 billion last year and is expected
to exceed $5.3 billion this year, Investment Minister al-Falih said
said.

The minister praised the stable and friendly ties between Saudi Arabia
Arabia and South Africa, including their economy and trade
a collaboration that has lasted more than three decades, and emphasized
that the priority areas of cooperation between the two countries
include renewable and green energy, mining, agriculture and food
processing, hydrogen and solar energy, tourism, aerospace and
information technology, among others.

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