Ramaphosa's state visit to Saudi Arabia to focus on export market opportunities
President Cyril Ramaphosa kicks off a two-day long state visit to the Kingdom of Saudi Arabia on Saturday, with the main focus on export market opportunities for the local economy.
Ramaphosa has been invited by two Holy Mosques, His Royal Highness (HRH) King Salman bin Abdulaziz Al-Saud and will be hosted by HRH Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammad bin Salman bin Abdulaziz al Saud.
Ramaphosa arrived in Saudi Arabia on Friday.
Spokesperson in the Presidency, Vincent Magwenya, says the discussions will centre around South Africa being an investment destination.
“The discussions would focus on export market opportunities for South African produce and on South Africa as an investment destination as well as an entry point into Southern Africa and beyond within the context of the African Continental Free Trade Area (AfCFTA).
“It is envisioned that the various deliberations will provide renewed impetus to strengthened economic cooperation in identified priority sectors, notably agriculture, defence, energy, and transport, further underpinned by regular high-level engagements between the two countries.”
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The visit follows the launch of the South Africa – Saudi Arabia Joint Business Council earlier this month.
It aims to bring together leading businesspeople from both countries to deepen economic ties as Saudi Arabia is the largest source of imports from the Middle East region.
Total bilateral trade between South Africa and Saudi Arabia amounted to R66 billion in 2021.
Ramaphosa is leading a business delegation along with several of his Cabinet ministers and Magwenya adds that Ramaphosa will participate in high level business engagements with investors.
“In this regard, the President will deliver the closing remarks at the Saudi Arabia - South Africa Investment Forum and participate in the Saudi Arabia – South Africa Investment Roundtable.
“The high-level meetings will also afford the leaders an opportunity to discuss bilateral, continental and global issues, and to reaffirm their commitment to further cooperate closely on multilateral issues.”
