Minister Davies In Saudi Arabia For The 8th JEC
The purpose of the visit is threefold and is also a follow up on President Ramaphosa’s state visit to Saudi Arabia in July 2018 where Saudi Arabia pledged to invest $10 billion in South Africa’s Energy, Defence and Agricultural sectors.
The 8th JEC session is due to assess the progress made and implementation of the commitments of the previous session and seek ways to further deepen trade, economic and social cooperation, the Department of Trade and Industry said in a statement.
The two nations – South Africa and Saudi Arabia – maintain good political and economic relations and cooperate in a number of fields. As such, Saudi Arabia, as South Africa’s 2nd largest trading partner and largest source of imports from the Middle East region, continues to be South Africa’s strategic partner.
The total bilateral trade between the two countries amounted to R55,4 billion in 2017, with a trade surplus in favour of Saudi Arabia due to oil imports. The total trade has shown consistent increase from R39,1 billion in 2013 to R55,4 billion in 2017.