Saudi oil exports to South Africa to increase under new bilateral accords
A number of bilateral accords are set to be sealed between Saudi Arabia and South Africa following the second session of the Saudi-South Africa Joint Commission (SSAJC) in Riyadh last Sunday.
The South African delegation, headed by Trade and Industry Minister Mandisi Mpahlwa, along with the Saudi delegation, led by Hashim Yamani, helped arrive at the accords, according to Arab News.
“This is going to be an eventful year for the Kingdom and South Africa since we have identified new areas of cooperation that would further strengthen the bilateral relations,” Abdul Hamid Gabier, South African Ambassador to the Kingdom.
Under the agreement, Saudi Arabia will increase its oil exports and petrochemical goods to South Africa in exchange for mining, electro-technical and financial services. Saudi Arabia also called on South African companies to invest in the Saudi mining sector.
The agreements deal with sports, double taxation, protection of investments, maritime services and technical cooperation.
An education accord was also agreed upon, in which for Saudi students can enroll in South African universities as a basis for closer cooperation between the two nations.