Daily Archives: July 14, 2018

SOUTH AFRICA’S ENERGY SECTOR RECEIVES 10 BILLION USD SAUDI BOOST

PRETORIA– South Africa has received a 10 billio US dollars investment pledge into the country’s energy sector from Saudi Arabia which is set to enhance energy security, create capacity and reduce the cost of energy.

The pledge was made to President Cyril Ramaphosa during his two-day State visit to Saudi Arabia, which concluded Thursday. The president returned to South Africa Friday after a stopover in Abu Dhabi for a State visit to the United Arab Emirates (UAE).

This commitment from the Kingdom (of Saudi Arabia) is a demonstration of confidence in our economy and gives further impetus to South Africa’s drive to raise $100 billion in new investment over the next five years to create jobs and for development, said President Ramaphosa in a statement here.

President Ramaphosa characterised his State visit to Saudi Arabia as a remarkable success. He engaged in official talks with King Salman bin Abdulaziz al Saud, Crown Prince Muhammad bin Salman and the government of Saudi Arabia during his visit.

The State visit provided a platform for both sides to deliberate on various issues of mutual concern, as well as to deepen and strengthen bilateral, political, economic and cultural relations between the two countries.

The President was accompanied by the Ministers of International Relations and Co-operation; Defence and Military Veterans; Energy; and Police and the Deputy Minister of Trade and Industry.

President Ramaphosa was conferred the Order of King Abdulaziz, the highest honour by the Kingdom of Saudi Arabia awarded to citizens of Saudi Arabia and foreigners for meritorious service to the Kingdom and is named after King Abdulaziz Al Saud, the founder of the modern Saudi state.

During the visit, Saudi Arabia also pledged support for South Africa to be accorded observer status in the Organization for Islamic Co-operation (OIC), which is the second largest inter-governmental organization after the United Nations with a membership of 57 states spread over four continents.

It aims to safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony among various people of the world. Observer status will give South Africa a number of privileges in terms of accessing developmental co-operation support, especially its financial institutions that support infrastructure development as well.

South Africa and Saudi Arabia have also signed memoranda of understanding on defence and on co-operation in the energy sector. President Ramaphosa applauded the significant work done by the South Africa-Saudi Arabia Joint Economic Commission, which is co-chaired by respective Ministers of Trade and Industry.

The seventh edition of the Joint Economic Commission took place in South Africa in 2016 and we look forward to building on the gains made at the forthcoming meeting, scheduled to take place in October later this year, said President Ramaphosa.

Source: NAM NEWS NETWORK