Saudi Arabia and South Africa have signed 17 Memorandums of Understanding (MoU) and agreements that are worth more than 15 billion. According to the joint statement, Crown Prince Mohammed Bin Salman of Saudi Arabia and President Cyril Ramaphosa of South Africa stressed the significance of strengthening joint cooperation and bilateral ties. The MoUs were signed during the state visit of South Africa’s President Cyril Ramaphosa’s visit to the kingdom recently. The South African President departed for the Kingdom of Saudi Arabia on the 14th of October, 2022, which was his first state visit to the kingdom, and his visit was concluded on the 16th of October, 2022.
The positive outcomes have been highlighted by the two sides that were achieved since the visit of the South Africans to the Kingdom in 2018. This visit intensified the expansion of cooperation between the two countries in multiple fields. During their meeting in the kingdom, the leaders discussed the areas of economic and trade cooperation and stressed the importance of reinforcing the economic partnership. Emphasis was on the commitment to continue working to empower the partnership between the private sectors in South Africa and Saudi Arabia while encouraging mutual investments. The leaders praised the endeavors of the Saudi-South African Joint Committee in strengthening the collaboration between the two countries, particularly in the economic spheres, aligning with both the Vision 2030 plan of the Kingdom of Saudi Arabia and the National Development Plan 2030 of South Africa. Both countries agreed on the fields of agriculture, aquaculture, fisheries, and direct investment cooperation. They have also agreed upon exploration in fields of common interests, particularly renewable energy, industry, mining, logistics, and tourism.