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Egyptian, Saudi trade ministers chair 17th joint trade committee, business council
14 June 2021  -  Organization :  -  Sector/Entity :  -  Category : General

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The committee, co-chaired by the two ministers, explored means of boosting bilateral economic cooperation.

Cairo- 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 2020.

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 officials.

 

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