The Qatari Businessmen Association (QBA) has signed a memorandum of understanding (MoU) with the South African Chamber of Commerce and Industry (SACCI) in order to improve trade cooperation and mutual investments between the countries.
According to the statement, the MoU aims to strengthen economic and trade relations, as well as cooperation in investment issues, introduce investment projects and available opportunities, stimulate Qatari-South African investments, and create a healthy business environment to promote development of commercial and industrial activities.
The agreement also intends to strengthen direct links between entrepreneurs in both countries, organize periodic meetings, exchange visits to present potential joint projects.
Further, it aims to exchange experiences and information related to attracting investors in both countries through investment incentives and promotion mechanisms, which would enhance and support joint economic development.
“South Africa’s economy witnessed growth despite the pandemic and launched a huge infrastructure program, 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 programs. There are many opportunities in Qatar for South African investors, such as in the tourism sector, where some South African companies were brought to Qatar to discuss cooperation opportunities on the way to the 2022 World Cup, and the free market in Qatar gives opportunities for South African companies to have a manufacturing headquarters and a center 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 $7.5 billion, in addition to many other companies in the ICT and tourism sectors, as per the reports.
Mr. Sherida Al Kaabi, QBA Board Member noted that “the bilateral relations between Qatar and South Africa are in continuous development and that the memorandum of understanding will increase potential partnerships between the private sectors in the two countries and increase trade exchange, as it recently reached $3 billion with an increase in the volume of exports from Qatar to South Africa, mostly oil and gas products and their derivatives.”