SPA stated on Monday that Saudi Arabia and South Africa signed agreements and memorandums of understanding worth over $15 billion (over R270 billion) during a state visit by President Cyril Ramaphosa to Riyadh.
Both nations committed to investigate investment opportunities and industries in areas of shared interest, including renewable energy, industry, mining, tourism, logistics, and agriculture.
Ramaphosa, who finished a state visit to Saudi Arabia over the weekend, stated that he was able to further earlier negotiations on investment and partnership during his stay.
“Having begun 2018 with a commitment by Saudi Arabia to invest $10 billion into the South African economy was, in many ways, sowing the seed, and that seed has germinated, with a business named ACWA Power investing $1 billion in South Africa to date,” Ramaphosa added.
The president also extended an invitation to Saudi Arabian businessmen to attend the fifth South African investment conference in 2023.
Ramaphosa was accompanied on the trip by Minister of International Relations and Cooperation Naledi Pandor, Minister of Agriculture, Rural Development and Land Reform Thoko Didiza, Minister of Trade, Industry and Competition Ebrahim Patel, Minister of Mineral Resources and Energy Gwede Mantashe, Minister of Transport Fikile Mbalula, and Minister of Defence and Military Veterans Thandi Modise.