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SA, Saudi Arabia launch holding company

The Trade and Industry Ministry says it is taking big strides to strengthen ties with Saudi Arabia.

Trade and Industry Minister Rob Davies. Picture: GCIS

CAPE TOWN - The Trade and Industry Ministry says it is taking big strides to strengthen economic ties with Saudi Arabia.

Minister Rob Davies briefed the media on the launch of the South Africa-Saudi Arabia Business Council in Parliament on Monday.

The council has now established a multi-billion rand holding company to boost the business relationship between the two countries.

South Africa and the Saudi Arabia have the biggest economies in their respective regions.

Economic talks between the two governments have been underway for some time. The ministry has now decided a joint venture company is the best way forward.

The joint holding company aims to promote large scale investment opportunities in both countries.

The main sectors of interest include mining, petro-chemical and agriculture.

Davies wants local companies to get involved.

He hopes the foreign investment will translate into thousand of new jobs for the local economy.