The United Arab Emirates (UAE) and South Africa recently embarked on a multilateral initiative to explore potential areas of trade and investment between the two countries. The Minister of State for Foreign Trade of the UAE, Dr Thani bin Ahmed Al Zeyoudi, led a delegation of government officials and business leaders which included representatives of the Masdar, G42 Healthcare Group, Abu Dhabi National Oil Company (ADNOC), DP World, AMEA Power, Infinity Power and Kanoo Group on a visit to South Africa to promote bilateral trade and investment opportunities.
During their visit, both parties discussed and proposed new joint ventures between the countries to boost economic growth and develop industries such as logistics, food production, tourism and energy. Dr Al Zeyoudi also held meetings with Ebrahim Patel, Minister of Trade, Industry and Competition, and Pravin Jamnadas Gordhan, Minister of Public Enterprises to discuss ways to increase collaboration and expansion. Further, Barbara Creecy, South African Minister of Fisheries, Forestry and the Environment, was met with to address important climate change issues, following the recent appointment of the UAE as the host of the COP28 Summit.
The UAE delegation also discussed the potential for funds flow from the UAE private sector in South Africa to new ventures or existing projects in their industries to promote greater economic development. Additionally, focused discussions around opportunities available for export-import of goods and services were held with private sector representatives.
DP World’s office in South Africa was also visited by the delegation, which was briefed on the group’s contribution to connectivity between Africa and the Gulf. This includes an extensive network of ports, dry ports, container terminals and economic zones.
Dr Al Zeyoudi highlighted the UAE’s business-friendly environment and various market-access incentives such as rapid incorporation and licensing, bulk visa issuance and easy access to banking facilities and real estate to the representatives of both countries.
The UAE and South Africa have a long history of economic collaboration and with the latest initiative, they are looking to further strengthen the already existing trade relations. South Africa is the UAE’s second-largest trade partner in Africa and as of 2019, the collective non-oil trade amounted to 6.5 billion dollars. UAE is committed to increase this number and make the partnership more prosperous for both countries.
