South Africa will increase petrochemical imports as well as non-oil products from Saudi Arabia, the two countries said on Sunday following a bilateral meeting in Riyadh.
In a statement released after the meeting ended on Sunday, Saudi Arabia said it was ready to export ”various petrochemical products to South Africa”.
The South African delegation to the meeting, the second session of the joint commission between the two countries, was led by Trade and Industry Minister Mandisi Mpahlwa. The Saudi delegation were represented by his counterpart in the kingdom, Dr Hashim Yamani.
The trade exchange volume between the two countries would increase, the two delegations said.
The South African delegation said the country would ”substantially” increase its exports of products including those related to mining and capital equipment, financial services, agricultural products and automotive components.
A co-operation agreement between government agencies such as the Industrial Development Corporation of SA and the Saudi Fund for Development would also be strengthened.
It was also agreed that investments by companies from the two countries in strategic areas identified by the respective investment authorities be encouraged.
These areas include tourism, infrastructure, information technology, and transport in South Africa, while the Saudi government would encourage mining companies to invest in the kingdom, including the processing and refining of minerals.
Mpahlwa was accompanied by several business leaders to the five-day session of the commission which had its first session in 2004 in Pretoria. The third leg is also expected to be held in South Africa. – Sapa