Trade between Saudi Arabia and Egypt passed $20bn in 2022, according to official statistics.
Minister of Commerce Dr. Majid bin Abdullah Al Qasabi said that Saudi Arabia and Egypt are experiencing significant growth in trade relations, partnerships, joint projects, and development investment.
During the Saudi-Egyptian Business Forum held in Cairo this week, Al Qasabi addressed more than 270 prominent Saudi and Egyptian businessmen, as well as senior executives from major companies on both sides.
Saudi-Egypt trade
He noted that the volume of trade between Egypt and Saudi Arabia reached $20.4bn in the past year.
Additionally, Saudi direct investment in Egypt has reached $32bn in recent years.
The forum, organised by the Saudi National Competitiveness Centre (NCC) in collaboration with the Federation of Saudi Chambers (FSC) and the Federation of Egyptian Chambers of Commerce, aims to strengthen partnership between the two countries’ business sectors and discuss economic reforms.
Al Qasabi also held meetings on the sidelines of the forum with Egypt’s Minister of Electricity and Renewable Energy Dr. Mohamed Shaker and Minister of Tourism and Antiquities Ahmed Issa.
The discussions focused on enhancing bilateral cooperation, exploring promising opportunities, and addressing challenges and obstacles in the business sector.
Attendees included Saudi Ambassador to Egypt Osama bin Ahmed Nugali and several senior Saudi investors.
During a ministerial dialogue session at the forum, Egyptian Minister of Trade and Industry Ahmed Samir highlighted the joint efforts of Egypt and Saudi Arabia to enhance cooperation in various productive and service sectors.
CEO of the National Competitiveness Centre Dr. Iman bint Habas Al-Mutairi highlighted the significant reforms implemented in Saudi Arabia to enhance its competitiveness.
The Kingdom has undertaken more than 700 reforms, covering 16 main and sub-economic sectors across nine fields.
Meanwhile, President of the Federation of Egyptian Chambers of Commerce Ahmed El-Wakeel, discussed enduring relations between Saudi Arabia and Egypt, expressing their shared commitment to exploring new cooperation opportunities across various fields.
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