RIYADH: A $ 25 million credit agreement was signed between Saudi Export-Import Bank and South Africa’s Standard Bank Group at the Saudi-South African Business Forum held in Johannesburg. This deal is to help Saudi companies trading in South Africa with financial support. The forum brought 420 business leaders and officials together to discuss how to boost economic ties, particularly in mining sector.
The Saudi Export Development Authority signed a cooperation agreement with Skytower Development Co. Saudi Arabia and South Africa’s trade was estimated at $ 3.5 billion and Saudi Arabia being South Africa’s top trading partner in the region in 2023.
Minister of Commerce, Majid bin Abdullah led the Saudi Delegation at the event, which aimed at cooperation in various sectors like mining and economic partnerships. The Forum supports Saudi Arabia’s aspiration to expand its trade and economic ties with South Africa which Crown Prince and Prime Minister Mohammed bin Salman mainly focused on during the 2022 Saudi African Summit.
Iman bint Habas Al-Mutairi, Vice Minister of Commerce, represented economic reforms of Saudi Arabia including 820 reforms in nine sectors since 2016. The country has simplified business processes, reducing licensing requirements and offers 100% foreign ownership in most sectors. SMSA’s operations center was inaugurated by Al-Qasabi, with an agenda to improve logical solutions.
The meeting also had discussions with South African ministers covering topics like trade relations, business opportunities, support for small businesses and participation of South Africa in the Biban24 Forum.
