Saudi-South African Business Forum Strengthens Strategic Economic and Investment Partnerships
The Saudi-South African Business Forum convened in Riyadh alongside the 10th session of the Saudi-South African Joint Committee, reinforcing the continued advancement of bilateral economic relations between the two nations. This high-level gathering brought together His Excellency Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, and His Excellency Parks Tau, South Africa's Minister of Trade, Industry and Competition, as well as distinguished government representatives and prominent business leaders and investors from both countries.
The forum served as a strategic platform to accelerate the implementation of the joint economic roadmap and expand cooperation across multiple sectors including energy, mining, technology, infrastructure, social development, and cultural exchange. This enhanced collaboration echoes the depth of bilateral relations and the shared commitment to advancing them toward more integrated and sustainable levels of partnership.
In his opening remarks, His Excellency, the Minister of Industry and Mineral Resources highlighted the forum's role as a continuation of the longstanding and prosperous bilateral relations between the Kingdom of Saudi Arabia and South Africa. He emphasized that the strong foundations established through decades of trade, investment, and cultural exchange have created a solid platform for continued mutual growth and development. His Excellency particularly emphasized the establishment of the Saudi Arabia Africa Business Council as a crucial milestone, describing it as an effective mechanism for continuous dialogue and economic partnerships which address the evolving needs of private sector companies in both countries.
The Minister highlighted the council's highly successful October 2024 meeting in Johannesburg, which generated significant outcomes including new cooperation channels, enhanced trade relations, and deepened private-sector partnerships across multiple industries. He further elaborated on how these achievements are already translating into concrete projects and investments that deliver mutual economic benefits.
His Excellency reiterated that the meeting signifies the continued expansion and strengthening of this collaboration, driven by rapidly growing opportunities between the Kingdom and South Africa. These opportunities are fundamentally fueled by Saudi Vision 2030, a comprehensive economic and social transformation plan that creates unprecedented openings for international companies across diverse sectors, and the aligned priorities in vital areas such as mining, renewable energy, technology, and other promising industries that support shared prosperity and enhanced global economic presence.
On his part, His Excellency Parks Tau, South Africa’s Minister of Trade, Industry and Competition, praised the strategic economic partnership between the two nations, describing it as a dynamic and promising relationship built on complementary capabilities and mutual interests. He stated the Kingdom's key role as South Africa's gateway to Middle Eastern markets, highlighting South Africa's position as the Kingdom's natural gateway to the vast opportunities across the African continent.
The forum focused on identifying concrete implementation mechanisms for existing agreements, developing new frameworks for cooperation, and addressing major challenges facing business communities from both countries. Participants engaged in detailed sector-specific dialogues that explored practical approaches to enhancing trade exchange, increasing investment flows, and developing joint ventures that leverage the comparative advantages of each economy.
This high-level convergence builds upon the momentum generated from the hugely successful 2024 meeting in Johannesburg, which opened new horizons for bilateral cooperation and established a clear path for future collaboration. The Riyadh gathering demonstrates a shared commitment to strengthening economic relations in perfect alignment with the objectives of Saudi Vision 2030 and affirms South Africa's position as a key economic partner for the Kingdom in Africa, particularly within the framework of the Kingdom's increasing engagement with African markets.
Economic relations between the Kingdom and South Africa have displayed remarkable and consistent growth in recent years, evidenced by strategic investments and significantly increased trade flows in numerous sectors including renewable energy, petrochemicals, advanced manufacturing, and agricultural industries. Non-oil trade between the two countries reached approximately USD 1.51 billion in 2024, reaffirming the partnership's robustness while laying the groundwork for further diversification and expansion for future collaboration.