RIYADH: Bilateral trade between Saudi Arabia and Egypt is set to grow after an agreement was reached to enhance economic cooperation — with a key focus on developing the non-oil export sector.
A memorandum of understanding has been signed by the Saudi Export Development Authority and Egypt’s Export Development Authority, the Saudi Press Agency reported.
The agreement falls within the framework of the two countries’ commitment to bolster economic and trade cooperation while developing non-oil export sectors to further diversify sources of income.
The MoU was signed on the sidelines of the official visit of Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef to Egypt.
Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority, and Egypt’s Minister of Plenipotentiary Trade Yahya Al-Wathiq Billah inked the agreement.
Under the new MoU, the countries will collaborate across broad areas including the exchange of experiences and knowledge in the field of developing exports as well as cooperation around relevant research and studies, Al-Thukair explained.
In addition to this, the two countries will also provide technical support and consultations in the fields of export and international marketing, the CEO said.
The Kingdom and Egypt will work together closely in the organization of joint events, as well as seminars, to enhance communication and exchange of experiences between companies and exporters in the two countries, he added.
Furthermore, the MoU reflects the commitment of the two parties to strengthen bilateral cooperation and joint action in order to achieve the goals of development and sustainability in the field of exports.
Through this MoU, the Saudi authority aims to expand the scope of local producers and exporters in line with the Vision 2030 goal of raising the proportion of exports to no less than 50 percent of the Kingdom’s non-oil gross domestic product.