Officials of the Qatari Businessmen Association (QBA) and the South African Chamber of Commerce & Industry (SACCI) signed Monday a memorandum of understanding (MoU), which aims to forge join co-operation and enhance mutual investments between Qatar and South Africa.
QBA board member Sherida al-Kaabi and SACCI president Adv Mtho Xulu signed the MoU on the sidelines of the recently-held Doha Forum. Witnessing the signing ceremony are QBA members Khaled al-Mannai, Youssef al-Mahmoud, Dr Mohamed Althaf, and Ihsan al-Khaymi, as well as deputy GM Sarah Abdullah.
The MoU aims to strengthen economic and trade relations, as well as co-operation in investment issues, introduce investment projects and available opportunities, stimulate Qatari-South African investments, and create a healthy business environment to promote the development of commercial and industrial activities.
It also aims to strengthen direct links between entrepreneurs in both countries, organising periodic meetings, exchanging visits to present potential joint projects, and exchanging experiences and information related to attracting investors in both countries through investment incentives and promotion mechanisms, which would enhance and support joint economic development.
Xulu said South Africa’s economy witnessed growth despite the pandemic and launched a huge infrastructure programme, which opens many promising opportunities for investors in the construction and engineering services sectors, and huge potential in the energy sector as South Africa seeks to produce about 11,800 additional megawatts of electricity, where Qatari investors could participate in these programmes.
Among the important Qatari investments in South Africa, QatarEnergy is exploring a huge reserve of liquefied natural gas off the coast of South Africa, which will have a significant return on the country. There are also huge opportunities and facilities for investment in the agricultural and livestock sector; co-operation in this sector could be enhanced in line with Qatar’s Food Security Programme.
Xulu said there are many opportunities in Qatar for South African investors, such as in the tourism sector. He said South African companies were brought to Qatar to discuss cooperation opportunities related to the 2022 FIFA World Cup.
He said the Qatari market is giving opportunities for South African companies to have a manufacturing headquarters and a centre for exporting its products in the Middle East. Sasol Energy remains the largest South African investment in the Oryx GTL gas-to-liquids joint venture in Qatar with about $7.5bn, in addition to many other companies in the ICT and tourism sectors.
Al-Kaabi said bilateral relations are “continuously developing” and that the MoU would increase potential partnerships between the private sectors and increase trade exchange, which stands at $3bn with an increase in the volume of exports from Qatar to South Africa, mostly oil and gas products and their derivatives.
Trade exchange also witnessed a significant increase in exports from South Africa to Qatar, especially fruits, processed foods, agricultural products, and meat, which confirms the importance of co-operation between the two countries in the food security sector.
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