Saudi Gazette report

RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef said on Thursday that the Kingdom is looking forward to expanding investments with South Africa. "South Africa's decision to exempt Saudi citizens from entry visas to the country represents an important practical step toward encouraging travel, trade, and cultural exchange between the two countries," he said while addressing the Saudi-South African Business Forum in Riyadh.

The forum was held on the sidelines of the 10th session of the Saudi–South African Joint Committee. South Africa’s Minister of Trade, Industry and Competition Parks Tau, as well as government representatives and business leaders and investors from both countries attended the forum.

Alkhorayef noted that the Saudi partnership with South Africa dates back decades. He expressed the Kingdom's aspiration for long-term investment in industry and mining with South Africa. "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. "We have turned our promises into reality by establishing a regional headquarters for Ma'aden in South Africa to enhance and support operations across the African continent."

According to Alkhorayef, South Africa, with its advanced industrial base, abundant natural resources, and vibrant market, remains a strategic partner for Saudi economic institutions, both in terms of technology and capacity building. He pointed out that the Saudi-South African Business Forum represents a pivotal milestone in the economic relations between the two countries and an opportunity to enhance trade and industrial cooperation in light of rapid global changes.

For his part, Minister Parks Tau 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. Parks 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.