Saudi-Egyptian trade relations record growth rates

His Excellency the Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, confirmed that economic indicators indicate that Saudi-Egyptian trade relations are recording growth rates, expanding partnerships and joint projects, and investing in development opportunities, thanks to the will and wisdom of the leadership of the two brotherly countries.
He explained to more than 270 senior Saudi and Egyptian businessmen and leaders of major companies on both sides during the activities of the Saudi-Egyptian Business Forum; Organized today in Cairo by the National Center for Competitiveness in cooperation with the Federation of Saudi Chambers, the General Federation of Egyptian Chambers of Commerce, and the Saudi-Egyptian Business Council, the volume of trade exchange between the two countries rose to 20.4 billion dollars last year, while the volume of direct Saudi investment in Egypt reached 32 billion. dollars during the past years.

On the sidelines of the forum activities in Cairo, Al-Qasabi held two meetings with His Excellency the Minister of Electricity and Renewable Energy, Dr. Muhammad Shaker Al-Marqabi, and His Excellency the Minister of Tourism and Antiquities, Ahmed Issa Abu Hussein, in the presence of the Ambassador of the Custodian of the Two Holy Mosques to the Arab Republic of Egypt, Osama bin Ahmed Naqli, and with the participation of a number of major Saudi investors, It dealt with enhancing bilateral cooperation in areas of common interest, reviewing promising opportunities, and addressing challenges and obstacles facing the business sector.
For his part, His Excellency the Egyptian Minister of Trade and Industry, Ahmed Samir Saleh, indicated during the ministerial dialogue session included in the forum’s activities that the two countries are working to enhance joint cooperation in various production and service sectors.
In turn, His Excellency the Deputy Minister of Commerce and CEO of the National Competitiveness Center, Dr. Iman bint Habbas Al-Mutairi, reviewed during the forum’s activities the most prominent reforms implemented to enhance the Kingdom’s competitiveness, which exceeded 700 reforms, covering 16 major and sub-economic sectors in 9 areas.
For his part, President of the General Federation of Egyptian Chambers of Commerce, Ahmed Al-Wakil, discussed the bilateral relations between the Kingdom and Egypt, and their strength over the past decades, pointing out the keenness of the two brotherly countries to open new horizons for cooperation in many fields, especially since Saudi-Egyptian economic cooperation would enhance… The two countries trade with the African market, whose purchasing power is estimated at 1.4 trillion dollars, and with other trade areas in Arab and European countries.
Vice President of the Federation of Saudi Chambers, Fayez bin Dhaar Al-Harbi, explained that Saudi-Egyptian trade relations are at the forefront of important economic partnerships for the two countries, which are expected to witness new horizons for cooperation in many priority fields and sectors.
The organization of the forum, which aims to strengthen the partnership between the business sectors in the two countries, in addition to reviewing economic reforms, coincided with the visit of the Saudi delegation to Cairo. Its agenda today included two meetings with the Executive Director of the Business Climate Reform Initiative in Egypt (Erada), Dr. Heba Shaheen, and the Chairman of the Council’s Board of Directors. The Egyptian National Center for Competitiveness, Seif Allah Fahmy, during which the Kingdom’s model of competitiveness, the legislative and regulatory reforms and their impact on developing the business environment, and the results achieved in global indicators reports were reviewed, in addition to discussing means of cooperation to benefit from the Kingdom’s experience, expertise and qualitative knowledge in various areas of competitiveness.