The JEC is an initiative agreed upon between the two countries to strengthen economic ties and to attract foreign direct investment from Saudi Arabia into South Africa in targeted sectors. It also aims to promote sound business-to-business cooperation.
Minister Davies said although South Africa’s exports to Saudi Arabia improved last year, the trade deficit is still in Saudi Arabia’s favour.
“South Africa’s exports to Saudi Arabia showed an increase from R2.6 billion in 2013 to R4. 7 billion in 2014, reflected by an annual growth of 80.62% in 2014.
“The export trend, with an average growth of 20.42% from 2010 to 2014, was overcome by a strong upward import trend that recorded a continuous increase in imports at an average growth of 39.22% in the same period.