Egyptian Minister of Trade and Industry Ahmad Samir said his country is seeking to launch industrial partnerships with Saudi Arabia in a number of productive sectors with the aim of achieving industrial integration between Cairo and Riyadh, and strengthening joint cooperation frameworks.
Samir emphasized the need to take advantage of the great potentials in Egypt and Saudi Arabia, mainly the specialized industrial cities, the availability of manpower, and production inputs, in order to secure the needs of the Egyptian and Saudi markets and promote exports to a large number of regional and global countries.
The Egyptian minister concluded on Sunday an extensive visit to the Kingdom, where he met with a number of Saudi officials, including Minister of Industry and Mining Bandar AlKhorayef, Minister of Commerce Dr. Majid Al-Qasabi, Mohammad Abdulaziz, acting governor of the Foreign Trade Authority, Abdul-Rahman bin Sulaiman, Chairman of the Saudi Export Development Authority, and others.
In a press statement, Samir said he discussed with Saudi officials ways to improve bilateral trade and investment relations, benefit from the great economic potential in Egypt and Saudi Arabia, and translate them into tangible cooperation projects.
The minister emphasized the need to enhance joint efforts to facilitate intra-trade movement. He noted that trade exchange between Egypt and Saudi Arabia surged 41.3% year-on-year in 2021, reaching around $4.572 billion in 2021, compared to $3.236 billion in 2020.
He also revealed that Saudi investments in Egypt amounted to $6.12 billion in 6,017 projects in the fields of manufacturing, construction, tourism, agriculture, services, finance, telecommunication, and information technology.
