South Africa seeks Saudi investments to overcome energy challenges

South Africa seeks Saudi investments to overcome energy challenges

South Africa is seeking investments from Saudi Arabia to overcome domestic energy challenges, Minister of Trade and Industry Ebrahim Patel recently told SABC News.

The government believes there are enormous opportunities on the energy front to do deals with Saudi Arabia, he said.

The minister said that Saudi Arabia has been investing in renewable energy as a significant part of moving away from an oil-based economy, adding that some Saudi Arabian firms are already in discussions.

Total bilateral trade between the two countries stood at 66.15 billion rands ($3.65 billion) in 2021, with South African exports at 5.54 billion rands and imports from Saudi Arabia amounting to 60.61 billion rands.

The government wants Saudi Arabia to be part of the $65 billion of foreign investment into the country, Patel added.

(Editing by Seban Scaria [email protected] )

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