South Africa and Saudi Arabia have signed agreements worth $15Bln during a state visit by President Cyril Ramaphosa to Riyadh.
The countries agreed to explore investment in such sectors as renewable energy, industry, mining, tourism, logistics and agriculture.
"Having started in 2018 with a commitment by Saudi Arabia to invest $10Bln into the South African economy, in many ways was planting the seed and that seed has been germinating and thus far $1Bln has been invested in South Africa through a company called ACWA Power," Ramaphosa said.
Furthermore, Ramaphosa invited Saudi Arabian businesses to South Africa’s fifth investment conference in 2023.
Saudi Arabia is South Africa's second-largest trading partner in the Middle East and the largest source of imports from the region.