Businesses in Saudi Arabia and Egypt are calling for closer economic ties between the two countries as they look to boost a $20bn trade relationship.
The Saudi-Egyptian Business Council called for establishing an economic alliance between Saudi Arabia and Egypt aimed at jointly entering third markets, particularly the African market.
The alliance seeks to foster integration between the business sectors in projects and investment opportunities to ensure food and medicine security for both countries and effectively address challenges posed by global crises.
Saudi-Egypt trade
The call was made during the council meeting held this week in Riyadh in conjunction with the 18th session of the Joint Committee.
Attendees included the Minister of Commerce, Dr Majid Al Qasabi, the Egyptian Minister of Trade and Industry, Eng. Ahmed Samir, the President of the General Authority for Investment and Free Zones of Egypt, Hossam Heiba, and private sector representatives from both countries.
Al Qasabi highlighted that the Kingdom has become Egypt’s primary trading partner, praising the increase in trade exchange to $20bn with a growth rate of 40 per cent.
Samir emphasised Egypt’s commitment to providing incentives and removing obstacles faced by investors from theKingdom.
Chairman of the Federation of Saudi Chambers of Commerce and Industry Hassan Al-Huwaizi said: “Saudi Arabia and Egypt are connected through approximately 70 agreements, protocols, and memoranda of understanding between government and private institutions, which reflects the depth of our strategic partnership.”
President of the General Federation of Egyptian Chambers of Commerce Ahmed Al-Wakil recognised the thriving economic environment in both countries.
He further acknowledged the Kingdom as a significant investor in Egypt, with 3,000 projects amounting to $30bn.
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