Riyadh: The Saudi-South African Business Forum convened today in Riyadh, on the sidelines of the 10th session of the Saudi-South African Joint Committee, bringing together Minister of Industry and Mineral Resources Bandar Alkhorayef, and South Africa’s Minister of Trade, Industry and Competition Parks Tau, as well as government representatives and business leaders and investors from both countries.
According to Saudi Press Agency, the forum served to underscore the need to move forward with implementing the joint roadmap and to expand cooperation in the economic and investment fields, as well as in the social and cultural spheres, reflecting the depth of bilateral relations and the two sides’ desire to take them to more integrated levels.
In his opening remarks, Alkhorayef stressed that this platform extends a long course of strengthening bilateral relations between the Kingdom of Saudi Arabia and South Africa, noting that recent years have seen strong foundations built through trade, investment, and cultural exchange, which constitute an important asset for continued support that serves the interests of both sides. He added that the establishment of the Saudi Arabia Africa Business Council was a notable milestone, forming a key mechanism for dialogue, facilitating economic and trade partnerships, and addressing the needs of companies in both countries.
He pointed out that the council’s successful meeting in Johannesburg in October 2024 resulted in tangible outcomes, including opening new channels for cooperation, enhancing trade, and launching deeper private-sector partnerships between the two countries.
The release added that the minister noted that today’s meeting confirms the continuation of this path and the expansion of its horizons, as opportunities for cooperation and investment between the Kingdom and South Africa are growing rapidly. He explained that these opportunities stem from two main factors: first, Saudi Vision 2030 as a comprehensive economic transformation plan that opens unprecedented prospects for international companies across sectors; and second, the alignment with the growing need for cooperation in vital areas such as mining, alongside other promising sectors that can contribute to shared prosperity and support the two countries’ global economic presence.
For his part, Minister Parks praised the economic partnership between the Kingdom and South Africa, describing it as a promising partnership built on complementary capabilities, affirming that the Kingdom represents his country’s gateway to Middle Eastern markets, while South Africa is the Kingdom’s gateway to the African continent. He added that his country looks forward to expanding cooperation with the Kingdom in trade, agriculture, and infrastructure, in a way that contributes to technology transfer and the development of human, financial, and investment capacities.
The forum comes as an extension of the meeting held in Johannesburg in 2024, which opened new horizons for bilateral cooperation, while the Riyadh meeting reflects the shared will to enhance economic relations in line with the objectives of Saudi Vision 2030 and affirms South Africa’s position as a key economic partner for the Kingdom in Africa.
Economic relations between the Kingdom and South Africa have grown notably in recent years, as reflected in strategic investments and increased trade flows, including projects in renewable energy, petrochemicals, and agricultural industries. Non-oil trade between the two countries reached about SAR5.7 billion in 2024, reflecting the depth of the partnership and laying the groundwork for broader diversification of future cooperation.
