High-level trade and investment meetings explore development of logistics, food production, tourism, and energy sectors.
The UAE and South Africa held high-level meetings to boost bilateral trade and investment opportunities this Wednesday. The two states explored ways to enhance cooperation and promote development in key sectors including logistics, food production, tourism, and energy.
Trade and investment
The meetings included bilateral ministerial talks between the UAE delegation led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and South African ministers Ebrahim Patel and Pravin Jamnadas Gordhan. Additionally, the two sides discussed private-sector engagement, joint ventures and programs, and mutually beneficial economic growth.
Pushing bilateral trade
The UAE delegation also met with Barbara Creecy, Minister of Fisheries, Forestry and the Environment of South Africa, to address climate mitigation challenges, private-sector engagement, and the UAE’s hosting of COP28. Dr. Al Zeyoudi said that the UAE seeks to build partnerships with like-minded nations that can catalyze growth and create new pathways for investment. The UAE’s investment community is ready to support new industry sectors, strengthen south-south trade corridors and push the bilateral trade beyond the USD 6.5 billion recorded in 2022, he said.
As the UAE’s second-largest trade partner in Africa, South Africa has the potential to become an important partner in these efforts. Dr. Al Zeyoudi witnessed the signing of an agreement between the UAE power company AMEA, South African energy buyer Green Co, and Standard Bank to finance AMEA’s strategic investments into South Africa. AMEA has a variety of interests in Africa, including in the DRC. He also met with representatives of leading South African companies in various sectors.
The UAE minister highlighted the NextGenFDI initiative’s market-access incentives, including rapid incorporation and licensing, bulk visa issuance, and access to banking facilities and real estate. The initiative supports the UAE’s ambitions to accelerate economic diversification, create long-term sustainable growth, and attract new forms of investment.