SA, Saudi Arabia JEC to strengthen ties
Trade and Industry Minister Rob Davies and his Saudi Arabian counterpart Twafeeq Al Rabeeach will co-chair the 7th session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) in Cape Town this week.
The JEC starts on Monday with senior government officials and concludes on Tuesday with the signing of the joint communiqué by the two ministers, the trade and industry department (dti) said in a statement.
“The JEC is an initiative agreed upon between the two countries to strengthen economic ties and to attract foreign direct investment from Saudi Arabia into South Africa in targeted sectors. It also aims to promote sound business-to-business co-operation.”
The South Africa-Saudi Arabia business council would take place on the sidelines of the JEC and would report back to the ministers within the framework of the JEC. The business council was intended to enhance economic trade relations by identifying specific projects or initiatives in various priority sectors.
At the 6th session of the JEC in Riyadh, Saudi Arabia, last year, Davies said the level of investment between the two countries was far below potential. The JEC resolved that to improve investment between the two countries, South African and Saudi Arabian companies should explore investments and joint ventures.
“Both sides agreed to enhance trade and investment through the exchange of high-level business delegations and participation in each other’s country exhibitions. They also agreed to participate in priority investment sectors such as agro-processing, the blue economy, mining and petro-chemicals, as well as investment in special economic zones.”
Davies, together with Al Rabeeach, would also on Monday launch the R5-billion Bokpoort concentrated solar power (CSP) plant in Groblershoop, near Upington in the Northern Cape.
The Bokpoort CSP project was one of the flagship concentrated solar thermal projects in South Africa, and was set to become the CSP with the largest level of thermal storage (capacity 9.3 hours) in the world when completed. The plant formed part of South Africa’s Renewable Energy Independent Power Producers Procurement Program, the dti said.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation