committee, co-chaired by the two ministers, explored means of boosting
bilateral economic cooperation.
June 14, 2021
Minister of Trade and Industry Nevine Gamea received
yesterday Maged al-Qasabi, Saudi Minister of Trade and Investment, who is
visiting Egypt leading a high-level delegation to chair the Saudi side in the
meetings of the 17th session of the Egyptian-Saudi Joint Trade Committee, and
the Egyptian-Saudi Joint Business Council .
The committee, co-chaired by the two ministers, explored means
of boosting bilateral economic cooperation. It agreed on establishing a branch
of Banque Misr in Saudi Arabia, facilitating the access of Egyptian exports of
agricultural crops to the Kingdom, among other prominent results.
“Egypt and Saudi Arabia enjoy historical, strategic
relations,” Gamea said, noting that trade between the two countries exceeded
$5.5 billion and total Egyptian investments in Saudi Arabia hit $1.4 billion in
Gamea invited Egyptian and Saudi businessmen and companies to
take full advantage of these distinguished ties and translate them into
concrete cooperation projects in various fields.
Al-Qasabi, for his part, pointed out that some 6,225 Saudi firms
operate in Egypt with investments amounting to $30 billion, and about 518
Egyptian companies and 285 brands are present in Saudi Arabia.
He further added that his country aspires to be Egypt's first
trading partner in the next five years.
The two ministers also co-presided over the Joint Business
Council meeting, held on the sidelines of the 17th Egyptian-Saudi Joint Committee.
The Saudi minister is scheduled to meet with Prime Minister
Mostafa Madbouly to review the latest developments in economic and trade
cooperation between the two countries, as well as a number of government