Saudi Gazette report

JOHANNESBURG — Saudi Minister of Commerce and Chairman of the National Competitiveness Center (NCC) Dr. Majed Al-Qasabi emphasized that the Saudi delegation’s visit to South Africa is part of Saudi Arabia's commitment to strengthening its trade and economic relations with the African continent. He noted that this commitment was reiterated by Crown Prince and Prime Minister Mohammed bin Salman during the Saudi-African Summit held in Riyadh in November 2023.

The NCC organized the event in cooperation with the Federation of Saudi Chambers (FSC) and the South African Ministry of Trade, Industry, and Competition.

Dr. Al-Qasabi's remarks came during his joint opening, with South African Minister of Trade, Industry, and Competition Parks Tau, the Saudi-South African Business Forum. He highlighted that the forum is being held almost a year after the summit, during which Custodian of the Two Holy Mosques King Salman announced an initiative to implement development projects and programs exceeding $1 billion in African countries over a period of 10 years. Saudi investments of $25 billion in various vital sectors were announced.

Dr. Al-Qasabi pointed out that these initiatives support the enhancement of trade and business with South Africa. The solid economic potential of both countries could lead to an increase in trade volume, estimated at about $3.5 billion in 2023.

The Saudi-South African Business Forum, which was launched on Monday, saw the participation of 420 leaders from the government and private sectors in both countries. The event also had the participation of Saudi Ambassador to South Africa Faisal Al-Harbi, South African Minister of Small Business Development Stella Ndabeni-Abrahams, and South African Minister of Tourism Patricia de Lille.

The forum included a presentation on the key reforms implemented to enhance the Kingdom’s competitiveness, delivered by Deputy Minister of Commerce and NCC Chief Executive Dr. Iman bint Habbas Al-Mutairi. Al-Mutairi reviewed the positive outcomes witnessed in Saudi Arabia’s economy and business environment as a result of the vision and directives of the Crown Prince. Such outcomes include implementing more than 820 economic reforms carried out by 65 government entities since 2016 across nine key sectors.

About 1,200 regulations and laws have been issued or updated, boosting the legal framework and contributing to making the Kingdom’s business environment one of the leading global destinations for companies and entrepreneurs. She noted that Saudi Arabia allows 100 percent foreign ownership in most business sectors and has established the Saudi Business Center, which has helped re-engineer procedures for starting and operating businesses, reducing licensing requirements by 55 percent.

The forum featured two panel discussions. The first addressed cooperation in the mining sector, while the second discussed expanding the economic partnership between the Kingdom and South Africa in light of promising opportunities. It also introduced the mechanisms used by relevant authorities to resolve challenges facing the business sector.

The South African side shared its expertise in the tourism and industrial development sectors. During the forum, two memoranda of cooperation were signed: one between the Saudi Export-Import Bank and ABSA and Standard banks, and another between the Saudi Export Development Authority and Skytower Development Company.

Earlier, Al-Qasabi met with Saudi business representatives participating in the delegation, discussing the challenges they face and means to address them, along with the facilitations provided to them. He also participated in the inauguration of the operations center of SMSA Express in South Africa, which will contribute to providing logistical solutions for the business sectors in the two countries.