UAE, South Africa explore bilateral trade and investment opportunities
The two nations are exploring ways to improve trade and investment opportunities and develop key sectors including tourism, logistics, energy, and food production.
The UAE and South Africa held meetings on Wednesday to boost bilateral trade and investment opportunities. The two nations are also exploring ways to develop key sectors including tourism, logistics, energy, and food production.
The UAE delegation to South Africa was led by Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
Representatives of leading South African firms, operating in renewable energy, IT, medical equipment, agriculture, electricity, artificial intelligence, food security, medical equipment, mining, and infrastructure, were also present.
Al Zeyoudi held bilateral ministerial meetings with Ebrahim Patel, Minister of Trade, Industry and Competition, and Pravin Jamnadas Gordhan, Minister of Public Enterprises.
During the meetings, they deliberated on ways of enhancing cooperation, facilitating private sector dialogue, establishing novel joint ventures and programmes, and stimulating mutually beneficial economic growth, as per a report by Emirates News Agency - WAM.
Additionally, Al Zeyoudi interacted with Barbara Creecy, Minister of Fisheries, Forestry and the Environment.
The two addressed challenges concerned with climate mitigation, private sector engagement, and the UAE's hosting of COP28 in November and December this year.
Al Zeyoudi noted that the country is eager to collaborate with like-minded countries that can foster growth, strengthen supply chains, and lead to novel pathways for investment.
“As the UAE’s second-largest trade partner in Africa, responsible for 8% of the UAE’s total non-oil trade with the continent, South Africa has the potential to become an important partner in these efforts," he said.
An agreement was signed by the UAE power company AMEA, South African energy buyer Green Co, and Standard Bank. This is aimed at financing AMEA’s investments in South Africa and is expected to help meet the nation’s growing electricity demand.
Al Zeyoudi highlighted the UAE’s market-access incentives and the business environment offered by the NextGenFDI initiative, comprising rapid incorporation and licensing, bulk visa issuance, as well as ready access to banking facilities and real estate.
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Edited by Megha Reddy