Pretoria - Trade and Industry Minister Rob Davies and his Saudi Arabian counterpart Dr Twafeeq Al Rabeeach will co-chair the 7th session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) today.
The JEC is an initiative to strengthen economic ties and to attract foreign direct investment from Saudi Arabia into South Africa in targeted sectors.
According to the Department of Trade and Industry, the JEC also aims to promote sound business-to-business cooperation.
At the 6th session of the JEC in Riyadh, Saudi Arabia last year, Minister Davies said the level of investment between the two countries is far below potential.
The commission resolved that in order 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.
In addition, the South Africa-Saudi Arabia Business Council will take place on the sidelines of the JEC and will report back to the Ministers within the framework of the JEC.
The purpose of the business council is to enhance economic trade relations by identifying specific projects or initiatives in various priority sectors.
The JEC, which takes place in Cape Town, will be attended by senior government officials and will conclude on Tuesday with the signing of the joint communiqué by the two Ministers.
The two Ministers are expected to launch the R5 billion Bokpoort Concentrated Solar Power (CSP) plant in Groblershoop, outside Upington in the Northern Cape.
The Bokpoort CSP Project is one of the flagship concentrated solar thermal projects in South Africa, and is set to become a Solar Concentrated Solar Plant (CSP) with the largest level of thermal storage in the world when completed.
The plant forms part of South Africa’s Renewable Energy Independent Power Producers Procurement Program (REIPPP). - SAnews.gov.za
