Egypt-Saudi Business Council calls for double taxation prevention

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CAIRO: At a meeting held in Cairo on Tuesday, the Egyptian-Saudi Business Council called on both Egyptian and Saudi governments to sign a bilateral double taxation prevention agreement in a bid to stimulate and spur two-way trade and investment, Kuwait News Agency (Kuna) reported.

The council also called for easy access by Egyptian businessmen to six-month business visas to Saudi Arabia.

It spoke highly of an initiative to establish a special unit for Saudi investment in the Promotion Sector of the Egyptian Public Authority for Investment and Free Zones, expressing hope that bilateral trade and investment would be further reinforced.

Opportunities for investment in the area of sea transport, especially in light of the current shortage of ferries between both countries, need to be carefully considered, the council stated. This important sector can play a vital role in the further promotion of two-way trade between Egypt and Saudi Arabia.

During the meeting both sides reached agreement on a coordinative framework to discuss ways and means of achieving industrial integration, building upon mutual advantages and addressing specific needs.

The Egyptian side voiced wishes to have a Saudi ban on Egyptian meat and chicken exports lifted, and to export Egyptian potatoes via all Saudi ports, not only Jeddah Port.

For its part, the Saudi Arabian side promised to convey Egyptian requests to the designated Saudi authorities for further deliberations and response.

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