Egypt’s Trade and Industry Minister Ahmed Samir said Sunday that Saudi Arabia ranks second in the list of countries investing in the Egyptian market with total investments of $6.12bn in 6,017 projects in industry, construction, tourism, agriculture, services, finance, communications, and information technology.
The trade exchange between Egypt and Saudi Arabia amounted to approximately $4.572bn in 2021, compared to around $3.236bn in 2020, achieving an increase of 41.3%.
Samir concluded his visit to Saudi Arabia, which included meetings with the Saudi ministers of industry and mining, trade and the Governor-designate of the Foreign Trade Authority as well as other Saudi officials.
Samir highlighted the Egyptian side’s keenness to support communication between business communities in two countries by intensifying Egyptian trade missions to Saudi Arabia, which are organized by the Egyptian export councils in coordination with Egyptian Commercial Services office in Jeddah.
The minister said that his talks with senior Saudi officials dealt with discussing ways to improve trade and investment relations between the two countries, benefiting from great economic potential in Egypt and Saudi Arabia.
The minister noted that the two sides discussed mechanisms for achieving industrial integration between Egypt and Saudi Arabia and strengthening cooperation in light of the industrial strategy of both countries, with the aim of launching Egyptian-Saudi industrial partnerships in a large number of productive sectors and benefiting from the great potentials in the two countries. Furthermore, discussed ways to develop industrial and investment relations between Egypt and the Kingdom in a way that raises the level of fraternal and strategic relations that bind the two countries in various fields and at all levels.
