R15 billion invested in the renewable energy sector

Africa Business

Just News|

The Minister of International Relations and Cooperation, Naledi Pandor, will undertake an Official Visit to the Kingdom of Saudi Arabia and the State of Kuwait from 29 March to 1 April 2021.

Minister Pandor has accepted an invitation from her Saudi Arabian counterpart, His Highness Prince Faisal bin Farhan al Saud, to attend the inaugural meeting of the Bilateral Political Consultations between South Africa and Saudi Arabia on 29 March 2021 in Riyadh. During her visit, the Minister will also meet with current and potential investors in the South African economy.

Relations between the two countries have intensified significantly, with a strong focus on trade and investment. Total trade between the two countries amounted to R40 billion in 2020.

In a statement issued by the Department of International Relations, it said most recently, “the Saudi private sector has invested over ZAR15 billion in the renewable energy sector in the Northern Cape, as part of the Renewable Energy Independent Power Producer Program. The growth in bilateral cooperation has also begun to open further opportunities for South African companies in the engineering, hospitality, as well as health care professions.

Following the visit to the Kingdom of Saudi Arabia, Minister Pandor will proceed to the State of Kuwait, where she will meet with her counterpart, Sheikh Dr Ahmed Nasser Al-Mohammad Al-Sabah on 1 April 2021 for bilateral discussions.

Kuwait maintains a positive role as an investor with significant investment through its Sovereign Wealth Fund (SFW) in South Africa’s capital and financial markets.

Leave a Reply

Your email address will not be published.