Riyadh: Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef and Minister of Trade, Industry and Competition of the Republic of South Africa Parks Tau held a meeting with the leadership of the Saudi-South African Business Council. The meeting, held on the sidelines of the Saudi-South African Business Forum in Riyadh, included Chairman of the Saudi side Naif Al-Athel and Chairman of the South African side Dr. Stavros Nicolaou.
According to Saudi Press Agency, the meeting discussed the latest developments of the joint Business Council and the role of both governments in strengthening cooperation between business communities and providing incentives and facilities for investors, in addition to addressing challenges facing the private sector.
Minister Bandar bin Ibrahim Alkhorayef welcomed Minister Parks and the Business Council leadership, stressing that the Saudi-South African Business Council serves as an effective platform for supporting trade and investment partnerships. He noted that the two ministries are working to empower the private sector and remove obstacles, thereby enhancing its contribution to economic development.
Minister Parks emphasized the importance of private sector participation in government forums, highlighting the commitment to regular sectoral meetings between the two countries. He praised the economic partnership between the Kingdom and South Africa, describing it as a promising relationship based on complementary capabilities.
Chairman Naif Al-Athel and Chairman Dr. Stavros Nicolaou expressed appreciation to both ministries for their continuous support, affirming the ongoing alignment between the two private sectors and their keenness to develop investment partnerships that serve common interests.
The Saudi-South African Business Forum aims to enhance economic partnership between the Kingdom of Saudi Arabia and the Republic of South Africa, which has witnessed notable growth in recent years through strategic investments and growing trade flows, including major projects in renewable energy, petrochemicals, and agriculture. Non-oil trade between the two countries reached about SAR5.7 billion in 2024, reflecting the strength of the economic relations and opening wider horizons for future cooperation.