(Photo Credit: Twitter/GCIS)
Talks between Saudi Arabia and South Africa concluded on 17 October with the two countries signing several trade agreements valued at around $15 million, according to a joint statement from the official Saudi Press Agency.
Cape Town and Riyadh signed 11 agreements and a Memorandum of Understanding (MoU) to increase mutual investments in energy, water, green hydrogen, waste diversion, and logistics on 15 October, at the Saudi-South African Investment Forum in Jeddah.
The kingdom’s Ministry of Investment organized the forum with South African President Cyril Ramaphosa in attendance alongside several senior officials from both nations, with participation aimed to sign agreements to promote the development of various sectors.
Saudi Arabia’s Crown Prince Mohammed bin Salman (MbS) received the South African president, and the two leaders discussed expanding bilateral cooperation in various sectors.
MbS and Ramaphosa also signed several agreements in media cooperation, investment, communications and information technology, agriculture, aquaculture, social development, health, trade, military cooperation, and mineral technology.
South Africa is part of the five emerging economies “BRICS,” MbS has recently expressed his country’s interest to join the organization. BRICS includes Brazil, Russia, India, China, and South Africa.
Other countries in the West Asian region have also expressed their desire to join the BRICS economic bloc, such as Iran, which had already applied to become a member, back in June.
Foreign Ministry spokesman Saeed Khatibzadeh announced on 27 June that joining the group “would result in added value for both sides,” further highlighting that BRICS member countries represent 30 percent of the world’s GDP and 40 percent of the global population.
In addition, Iranian President Ebrahim Raisi expressed his country’s readiness to share its vast capabilities and potential to help BRICS attain its goals during a virtual summit of the BRICS Business Forum on 24 June.
The announcement comes after it was revealed that Iran’s exports to Africa had grown by 107 percent to $1.1 billion during the Iranian calendar year that ended on 20 March.