Saudi authorities seek cooperation with S. Africa, eye more exports: Alkhorayef

Saudi authorities seek cooperation with S. Africa, eye more exports: Alkhorayef 

Most Saudi government authorities showed interest in cooperating with South African peers in several fields, mainly energy, health, education, tourism, industry and mining, Bandar Alkhorayef, Minister of Industry and Mineral Resources and Head of the Saudi-South African Joint Committee, told Argaam in an exclusive. 

There are many fields of joint interest, Alkhorayef added, noting that all matters will be back on track after the last three years. Th private sector in both companies showed a great interest in investment opportunities. 

He also stressed serious talks by private firms in the Kingdom, adding that a Saudi mining firm acquired a peer company in South Africa.

On the other hand, Saudi Arabia eyes more exports to the African country, being a key market for the Kingdom.

Moreover, there are ample investment opportunities in the Kingdom, where interested investors can expand their operations. Talks with the Saudi African side revolved around the various opportunities available in the Kingdom and sectors of interest. 

Alkhorayef also explained that some Saudi companies are operating in South Africa, such as ACWA Power’s solar plant that is expected to commence operations next year. The Saudi giant petrochemical producer, SABIC has also had presence in the South African market since 2008. Talks were also ongoing for expansion in other areas through the Saudi Exports Development Co. and EXIM Bank. 

Meanwhile, the strong political ties between Saudi Arabia and South Africa provide a good opportunity for building economic and trade relationships, the Saudi minister added, noting that trade exchange is a key factor of mutual relationships among countries.

Both countries target sustainable trade exchange. Accordingly, the raw materials, agricultural and meat products, etc. are currently studied at the Kingdom.

Alkhorayef concluded that South Africa is distinguished by training and qualification, as it relies on a large industrial sector. It is a good experience, from which the Kingdom can benefit. The African country also deploys important technologies in the military industries and pharmaceuticals.