South Africa and Saudi Arabia have signed 17 memoranda of understanding relating to mining, renewable energy, security, transport, agri-aquaculture and other sectors, President Cyril Ramaphosa said on Sunday.

“Seventeen MoUs for us as South Africa being signed and exchanged at the same time is a record and true demonstration of the depth of the relationship between the two countries and the great ambitions that we all have,” said Ramaphosa.

He was participating in a round-table session between the South African and Saudi Arabian business communities.

Ramaphosa, who is on a two-day state visit to the country, is accompanied by a high-level business delegation including the Solidarity Fund’s Gloria Serobe and Aspen’s Stavros Nicolaou among other people.

He is also accompanied by ministers Naledi Pandor, Gwede Mantashe, Thandi Modise, Thoko Didiza, Fikile Mbalula, Ebrahim Patel and his advisers.

“Yesterday we heard about the enormous trade and investment opportunities in South Africa across a range of sectors.

“Last night we had the summit with his royal highness and his ministers as well as ministers from my side where we were able to exchange a number of interesting views as well as to exchange the MoUs that were signed between the two countries.”

Ramaphosa said he expected business leaders from Saudi Arabia to be frank about their expectations and what would enable them to do business in SA.

“From our side, you will tell us where do you see the greatest potential for partnership with Saudi businesses, what is needed and what are the enabling conditions for increased exports to Saudi Arabia and for two-way investment,” he said.

Source: TimesLIVE