Deputy Minister Ebrahim Ebrahim concludes his working visit to Saudi Arabia
2 May 2012
Deputy Minister Ebrahim Ebrahim has concluded his working visit to the Kingdom of Saudi Arabia where he attended the fourth session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) that was held in Riyadh, Saudi Arabia.
The fourth session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) has resolved to increase total trade between the two countries to a targeted 60 billion rand within the next five years. Trade and Industry Minister Rob Davies co-chaired the commission with his counterpart Minister Tawfiq Al-Rabiah.
The two countries have agreed that the level of investment is far below potential and undertook to work together to explore several initiatives to address the situation. The two countries have committed themselves to strengthen relations through closer and focused cooperation in areas such as infrastructure development, agriculture, mining and energy, tourism, arts and culture, transportation, environment, standards, amongst others. It is hoped that these initiatives will elevate bilateral relations to a higher level.
‘To this end, the launch of the South African–Saudi Arabia Holdings (SASAH) as an investment holding company has been welcomed, as it will accelerate the development of investment opportunities in the identified sectors to the amount of R10 billion. This joint venture is a creative and practical mechanism by the private sector to look at large scale projects in agriculture, mining and infrastructure’, said Deputy Minister Ebrahim.
On the sideline of the Joint Economic Commission Deputy Minister Ebrahim met with Deputy Minister of Foreign Affairs Prince Abdul-Aziz bin Abdullah to discuss issues of mutual cooperation between the two regions and also to strengthen the already sound bilateral relations between the two countries. He also paid courtesy call on Prince Salman bin Abdulaz Al-Saud, Minister of Defence; the Governor of Riyadh, Prince Sattam; Speaker of the Shourah Council; meeting with the IOC Secretary-General Prof Ekmel Elddin Oglu.
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Issued by: Department of International Relations and Cooperation
2 May 2012
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