Cape Town – South Africa and Saudi Arabia solidified their strategic partnership with the signing of 17 memoranda of understanding (MoU) during President Cyril Ramaphosa’s two-day state visit to that country.
The MoUs ranged from cooperation on transport, renewal energy, defence, agriculture and aquaculture, mining, food security, and other sectors.
Ramaphosa said the signing of the MoUs was a testimony of the “real success” and great ambition the two countries have.
“Having started in 2018 with a commitment by Saudi Arabia to invest 10 billion dollars into the South African economy, in many ways was planting the seed and that seed has been germinating and thus far one billion dollars has been invested in South Africa through a company called ACWA Power,” said Ramaphosa in a statement.
Ramaphisa also participated in and addressed the Saudi Arabia – South Africa Investment Forum in Jeddah on Saturday.
WATCH: Ramaphosa says 17 MOU’s have been signed between SA and Saudi Arabia ranging from cooperations on transport, energy, agriculture and aqua culture. The roundtable engagement with be a closed “intimate” session between the two delagations. @TimesLIVE @SundayTimesZA pic.twitter.com/bL2Up9tDdL
— Amanda Khoza – The Journalist (@MandaKhoza) October 16, 2022
He was accompanied by ministers Naledi Pandor, Thoko Didiza, Ebrahim Patel, Gwede Mantashe, Fikile Mbalula and Thandi Modise together with his advisers.
He said the memoranda of understanding were door-openers and will pave the way for great co-operation for high trade and investment flows between the two states.
“Yesterday we heard about the enormous trade and investment opportunities in South Africa across a range of sectors.
“Last night we had the summit with his royal highness and his ministers as well as ministers from my side where we were able to exchange a number of interesting views as well as to exchange the MoUs that were signed between the two countries,” said Ramaphosa.
The presidency said the president concluded his two-day visit with the official opening of the Lulu Hypermarket South Africa Fest where over 500 South African products were on display, demonstrating the improving trade relations between South Africa and Saudi Arabia.
Follow African Insider on Facebook, Twitter and Instagram
Picture: Twitter/ @PresidencyZA
For more African news, visit Africaninsider.com
Compiled by Olwethu Mpeshe
