Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, emphasised Saudi Arabia’s dedication to enhancing trade and economic relations with Africa during a high-profile visit to the Republic of South Africa. This effort is part of a broader commitment announced by Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh last November. This is reported by Saudi Press Agency (SPA).

The Saudi-South African Business Forum presented key initiatives announced by King Salman bin Abdulaziz Al Saud. These initiatives include development projects worth over US$1 billion to be implemented across African countries over a decade, alongside Saudi investments exceeding US$25 billion in various sectors.

These initiatives will significantly boost trade between Saudi Arabia and South Africa, with trade volume expected to reach approximately US$3.5 billion in 2023, the source claimed.

The forum saw the participation of 420 leaders from both the public and private sectors of Saudi Arabia and South Africa, including notable figures.

Furthermore, two significant memoranda of cooperation were signed.

African Times published this article in partnership with International Media Network TV BRICS