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Zuma lauds SA-Saudi trade ties
Zuma lauds SA-Saudi trade ties

Zuma lauds SA-Saudi trade ties

ECONOMIC NEWS

IOL Business - Mar 30th 2016, 08:44

Johannesburg - President Jacob Zuma yesterday lauded economic and political relations between South Africa and Saudi Arabia following his two-day official state visit to the Middle East country at the weekend. 

In a statement issued by the Presidency yesterday, Zuma said bilateral relations between the two countries were cemented successfully, particularly in the areas of trade and investment. Minister of Trade and Industry Rob Davies accompanied Zuma among others.

The Presidency said relations would also expand bilateral trade in support of business in targeted sectors, including South African agricultural and agro-processed goods and services, defence procurement, manufacturing, mineral beneficiation, as well as South Africa’s participation in the Saudi National Transformation Plan, especially in infrastructure development, including construction and engineering.

“We are very pleased that this state visit will ensure, among other things, continued Saudi private sector investment in our country’s renewable energy sector in support of the National Development Plan; the South African petrochemical sector; banking and finance; tourism infrastructure; as well as Saudi participation as a maritime state in our Operation Phakisa,” Zuma said.

Zuma addressed a high-level meeting of South Africa-Saudi Arabia business entities on Sunday where he emphasised the importance of creating a platform to enhance business-to-business co-operation in order to increase South African exports to the Saudi market and attract Saudi investors to South Africa. He said, “Opportunities for mutual partnerships between our two countries are almost limitless. On the investment front, I am happy to inform you that South Africa is open for doing business and is globally regarded as a strategic and competitive destination for foreign investors.”

According to the World Economic Forum’s Global Competitiveness Report’s latest rankings, South Africa had risen seven places to rank 49th out of 140 countries in the Global Competitiveness Index.
“Given the diverse nature of our economy, the South Africa of today is one of the most promising emerging markets globally. The unique combination of a highly developed first-world economic infrastructure and a huge emerging market economy has given rise to a strong entrepreneurial and dynamic investment environment,” he said.From © Independent On-line 2016. All rights reserved. 

Read more about: zuma | south africa | saudi arabia | rob davies

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