RIYADH: The volume of trade between Saudi Arabia and Egypt reached SR76.5 billion ($20.4 billion) in 2022, up 40 percent compared to 2021, according to the Saudi Minister of Commerce.
Majid bin Abdullah Al-Qasabi explained during the Saudi-Egyptian Business Forum held in Cairo that the two countries are experiencing significant growth in trade relations, partnerships, joint projects, and development investment.
In recent years, Saudi direct investment in Egypt has amounted to an estimated $32 billion. This growth aligns with broader plans to transform the region into a global logistics center.
“We discussed achieving industrial integration and marketing opportunities, where an electronic platform will be launched for the products of the two countries. 70 percent of the problems of Saudi investors have been solved in Egypt,” Al-Qasabi said in an interview with Asharq.
Moreover, during a ministerial dialogue session at the forum, Egyptian Minister of Trade and Industry Ahmed Samir highlighted the joint efforts of both sides to enhance cooperation in various productive and service sectors.
In addition to this, the CEO of the National Competitiveness Center, Iman bint Habas Al-Mutairi, emphasized the momentous reforms implemented in the Kingdom in an attempt to enhance its competitiveness.
She highlighted that Saudi Arabia has undertaken over 700 reforms, covering 16 main and sub-economic sectors across nine fields.
Additionally, the President of the Federation of Egyptian Chambers of Commerce, Ahmed El-Wakeel, discussed enduring relations between the two countries, expressing their commitment to unveiling new cooperation prospects across various fields.
In addition to the event, Al-Qasabi is expected to hold meetings on the sidelines of the forum with Egypt’s Minister of Electricity and Renewable Energy, Mohamed Shaker and Minister of Tourism and Antiquities, Ahmed Issa, to tap into enhancing bilateral cooperation, exploring promising opportunities, and ways to combat challenges in the business sector.
Organized by the Saudi National Competitiveness Center in partnership with the Federation of Saudi Chambers and the Federation of Egyptian Chambers of Commerce, the forum aims to bolster collaboration between the two countries’ business sectors and discuss economic reforms.
The forum witnessed the participation of over 270 prominent Saudi and Egyptian businessmen, as well as senior executives from major companies on both sides.
Earlier this week, Egyptian newspaper Al-Ahram said that investments between Saudi Arabia and Egypt are set to flourish as multiple agreements worth an accumulated $1.5 billion are anticipated to be signed during the forum.