The Saudi Minister of Commerce, Dr. Majed Al-Qasabi, highlighted the importance of the Saudi delegation’s visit to South Africa in strengthening trade and economic relations with the African continent. This commitment was reiterated by Crown Prince Mohammed bin Salman during the Saudi-African Summit in Riyadh in November 2023. The National Competitiveness Center (NCC), in cooperation with the Federation of Saudi Chambers (FSC) and the South African Ministry of Trade, Industry, and Competition, organized the Saudi-South African Business Forum. The forum aimed at furthering economic collaboration between the two countries and building on the $25 billion investments announced by Saudi Arabia in various vital sectors.
During the joint opening of the forum, Dr. Al-Qasabi emphasized the economic potential of both countries and the opportunities for increasing trade volume, estimated at around $3.5 billion in 2023. The event brought together 420 leaders from the government and private sectors of both Saudi Arabia and South Africa. Discussions at the forum included presentations on key reforms implemented to enhance Saudi Arabia’s competitiveness, as well as panel discussions on cooperation in the mining sector and expanding economic partnerships between the two countries. Additionally, memoranda of cooperation were signed between various Saudi and South African agencies and companies, further solidifying bilateral trade relations.
Deputy Minister of Commerce and NCC Chief Executive Dr. Iman bint Habbas Al-Mutairi presented the positive outcomes witnessed in Saudi Arabia’s economy and business environment as a result of the economic reforms initiated by the Crown Prince. These reforms have led to the implementation of over 820 economic reforms by 65 government entities since 2016, across nine key sectors. The legal framework has also been strengthened with the issuance or updating of about 1,200 regulations and laws, making Saudi Arabia a leading global destination for companies and entrepreneurs. The forum also highlighted the establishment of the Saudi Business Center, which has streamlined business operations and reduced licensing requirements by 55 percent.
In addition to discussions on economic cooperation, the forum featured South African expertise in the tourism and industrial development sectors. Two memoranda of cooperation were signed between Saudi and South African banks, as well as between the Saudi Export Development Authority and a South African company. This collaboration aims to further enhance business ties between the two nations. Dr. Al-Qasabi also met with Saudi business representatives to address the challenges they face and discuss means to facilitate their operations. The inauguration of the operations center of SMSA Express in South Africa was also a significant milestone, providing logistical solutions for businesses in both countries.
Overall, the Saudi-South African Business Forum was a testament to the commitment of both nations to enhance economic cooperation and trade relations. The forum showcased the potential for increased trade volume and collaboration across various sectors, supported by the economic reforms and initiatives undertaken by Saudi Arabia. The signing of memoranda of cooperation and discussions on key sectors such as mining and tourism further solidify the economic partnership between Saudi Arabia and South Africa. As both countries continue to explore opportunities for growth and development, the forum served as a platform for fostering stronger ties and creating avenues for mutual prosperity.
