Egyptian, Saudi trade ministers discuss enhancing cooperation

Daily News Egypt
3 Min Read

Saudi investments in Egypt registered $6.3bn and a 23.9% increase in trade exchange between the two countries last year

Egypt’s Minister of Trade and Industry Ahmed Samir held an expanded session of discussions with Saudi Minister of Commerce Majed Bin Abdullah Al Qasabi, in the presence of a large number of Saudi investors. 

The meeting tackled ways to develop economic cooperation relations between the two countries in various commercial, industrial, and investment fields. The meeting reviewed developments in the global economic situation in light of the successive crises, and several topics and files of common interest.

Samir explained that the Egyptian state is sparing no effort in overcoming all obstacles facing Saudi investments in Egypt to enhance these investments in vital sectors of common interest.

He highlighted efforts made by the government during the current stage to facilitate investment procedures and facilitate the establishment of companies, whether through expanding the granting of golden licences to investors in various sectors, as well as facilitating procedures for allocating industrial lands and granting tax exemptions for a period of up to 10 years.

The Minister pointed out the state’s keenness to move forward with plans for industrial integration between the two countries to meet the needs of the Egyptian and Saudi markets and export to regional markets.

Samir pointed out that the global economic map is changing, as the international arena has witnessed the emergence of new markets, which has resulted in real commercial and industrial opportunities.

The minister elaborated that Saudi investments in Egypt amount to $6.3bn in 7,444 projects in sectors of industry, construction, tourism, services, agriculture, finance, communications, and information technology, added that the value of Egyptian investments in Saudi Arabia amounts to $1.6bn in 2,027 projects in sectors of manufacturing, wholesale and retail trade and construction sector.

Samir noted that the total volume of trade exchange between the two countries last year amounted to approximately $5.66bn, compared to around $4.57bn in 2021, achieving an increase rate of 23.9%.

Minister of Commerce Majed Bin Abdullah Al Qasabi conveyed that the successive global crises starting with the COVID-19 fallout, the Russian-Ukrainian crisis and the disruption of supply chains prompted the governments of the two countries to move towards achieving integration between Egypt and Saudi Arabia and achieving food and pharmaceuticals self-sufficiency.

He stressed the importance of exploring and promoting opportunities for cooperation between the business community in the two countries and introducing them to governments and citizens, especially in light of the consensus of visions between the leadership of the Kingdom and Egypt.

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