Egypt, Saudi Arabia discuss strengthening economic cooperation

Daily News Egypt
2 Min Read

Minister of Trade and Industry Ahmed Samir received the Ambassador of Saudi Arabia to Cairo, Osama bin Ahmed Naqli, to discuss joint economic cooperation and ways to enhance intra-trade and investments between Egypt and Saudi Arabia in the coming period.

The minister stated that Egypt opens its arms to receive more Saudi companies to invest in the Egyptian market in various production and service sectors and to establish industrial partnerships between the private sectors in both countries.

Samir pointed out that Egypt has enormous manufacturing capabilities in various industries.

He disclosed that Egyptian products have great popularity in various foreign markets, stressed Egypt’s endeavour to maximise benefit from all available natural resources and expand their manufacture in order to increase added value to meet needs of Egyptian market and the markets of Arab countries.

Samir noted that the volume of trade exchange between Egypt and Saudi Arabia amounted to $4.57bn last year, compared to approximately $3.23bn in 2020 with an increase of 41%.

For his part, Ambassador Naqli affirmed his country’s keenness to advance the level of industrial and commercial cooperation with Egypt to reflect strategic bilateral relations between Cairo and Riyadh.

Naqli added that Egypt possesses all potentials that qualify it to be an industrial hub that attracts various foreign and Arab investments, which include distinguished geographical location, skilled and trained workforce, the availability of natural resources necessary for industry, as well as the adoption of modern technology in production and industry, as well as the great development in field of infrastructure.

The ambassador pointed out that Saudi Arabia is currently witnessing a great movement, especially with regard to diversifying economic resources by maximising the use of all available potentials and capabilities with a focus on industrial and investment activities, which enhances the partnership relations between the Kingdom and the Arab countries in general and Egypt in particular.

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