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SA great investment destination, Zuma tells Saudis

Source: Fin24, 01/04/2016

SA great investment destination, Zuma tells Saudis
Mar 28 2016 – Fin24
Cape Town - A state visit this past weekend to Saudi Arabia will
ensure continued private sector investment in South Africa's renewable
energy and petrochemical sectors, banking and finance and tourism
infrastructure, the Presidency said on Monday.
President Jacob Zuma also welcomed Saudi participation as a maritime
state in Operation Phakisa.
Economic and political ties between South Africa and Saudi Arabia
received a significant boost following Zuma's 2-day visit to Riyadh,
which served as a structural catalyst for strengthening bilateral
relations, particularly in the areas of trade and investment, the
Presidency said in a statement.
The visit also sought to expand bilateral trade in support of business
in targeted sectors. These include the SA agricultural and
agro-processed goods and services, defence procurement, manufacturing,
mineral beneficiation as well as South Africa's participation in the
Saudi national transformation plan, especially in infrastructure
development, including construction and engineering.
Zuma told the South Africa-Saudi Arabian Business Seminar on Sunday
that South Africa was regarded globally as a "strategic and
competitive destination for foreign investors".
"South Africa remains in the top 30 economies globally. Given the
diverse nature of our economy, the South Africa of today is one of the
most promising emerging markets globally," he said.
A combination of a highly-developed first-world economic
infrastructure and a big emerging market has given rise to a strong
entrepreneurial and dynamic investment environment.
"In addition, the South African government has achieved significant
success in ensuring macro-economic stability via the implementation of
policies directed at promoting domestic competitiveness, growth and
employment," said the Presidency.
Zuma discussed government's five key priority areas, the presidential
nine-point plan and the National Development Plan.
This he said all corresponded with Saudi Arabia's national
transformation plans, which provided many opportunities for bilateral
co-operation.
Zuma said he was also pleased that the visit offered South Africa an
opportunity of an overview of the regional security challenges from
Saudi Arabia`s perspective.
"We are looking forward to the possibility of us as South Africa
sharing our own experiences with regards to negotiation and
reconciliation to assist in moving towards peace and security in that
region," he said.
The two countries agreed to work to ensure closer bilateral
intelligence cooperation, in particular in relation to the regional
terrorism threat to domestic and regional security and stability.
South Africa and Saudi Arabia will also promote the stabilisation
efforts of South Africa`s Middle East Peace Process (MEPP) Special
Envoys in support of international efforts to find a lasting solution
to the Palestine/Israeli conflict.
The Presidency said the two countries also agreed to seek support for
South Africa`s application of Observer Membership of the Organisation
of Islamic Cooperation (OIC).
Accompanying Zuma were Minister of International Relations and
Cooperation Maite Nkoana-Mashabane, Trade and Industry Minister Rob
Davies, Minister of State Security David Mahlobo, Police Minister
Nathi Nhleko and Home Affairs Minister Malusi Gigaba.
The Saudi king, Salman Bin Abdul Aziz Bin Al Saud, meanwhile awarded
Zuma the First Order, the highest award given by the custodian of the
two holy mosques of Makkah and Medina.

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