UAE, South Africa explore bilateral trade and investment opportunities

The UAE and South Africa met on Wednesday to boost bilateral trade and investment opportunities. The two countries are also exploring ways to develop key industries such as tourism, logistics, energy and food production.

The UAE delegation to South Africa is headed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

Representatives of leading South African companies operating in renewable energy, IT, medical devices, agriculture, power, artificial intelligence, food safety, medical devices, mining and infrastructure were also in attendance.

Al Zeyoudi held a bilateral ministerial meeting with Trade, Industry and Competition Minister Ebrahim Patel and Public Enterprises Minister Pravin Jamnadas Gordhan.

During the meeting, they discussed ways to strengthen cooperation, promote private sector dialogue, establish new joint ventures and projects, and stimulate mutually beneficial economic growth, according to Emirates News Agency – WAM.

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In addition, Al Zeyoudi interacted with the Minister of Fisheries, Forestry and Environment, Barbara Creecy.

The pair tackled challenges related to climate change mitigation, private sector engagement and the UAE’s hosting of COP28 this November and December.

Al Zeyoudi noted that the country is eager to collaborate with like-minded countries to boost growth, strengthen supply chains and open new avenues for investment.

“As the UAE’s second-largest trading partner in Africa, accounting for 8 percent of the UAE’s total non-oil trade with the continent, South Africa has the potential to be an important partner in these efforts,” he said.

An agreement was signed between UAE power utility AMEA, South African energy buyer Green Co and Standard Bank. This is intended to fund AMEA’s investments in South Africa and is expected to help meet the country’s growing electricity demand.

Al Zeyoudi highlighted the UAE’s market access incentives and business environment provided by the NextGenFDI initiative, including fast registration and licensing, batch visa issuance and ready access to banking facilities and real estate.