Arab Republic of Egypt Ministry of Investment and Foreign Trade General Organization for Export and Import Control

 As part of the work of Egyptian-Saudi Supreme Coordination Council, the first meeting of the council's economic committee of the Egyptian side was held, today in Cairo, and chaired by Eng. Hassan Al-Khatib, Minister of Investment and Foreign Trade for discussing ways of developing and strengthening trade and investment relations between the two countries. This meeting was attended by Eng. Essam El-Naggar, President of the GOEIC, and relevant authorities.

Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade stated that holding the Economic Committee of the Egyptian-Saudi Supreme Coordination Council embodies the directives of His Excellency President Abdel Fattah El-Sisi and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for enhancing the strategic cooperation between the two brotherly countries in various economic and development fields.

Al-Khatib explained that the committee, headed by Lieutenant General Kamel El-Wazir, Deputy Prime Minister and Minister of Industry and Transport, and including representatives from most of the relevant ministries and economic bodies, including industry, transport, finance, planning, international cooperation, communications, electricity, petroleum, agriculture, environment, and tourism, as well as the General Authority for Investment and Free Zones (GAFI) and Industrial Development Authority, reflects the state's commitment to coordinating efforts and integrating visions among various sectors.

The Minister confirmed that this meeting represents an important step for pushing forward the economic cooperation between Egypt and the Kingdom of Saudi Arabia and opening new horizons for joint investment, contributing to achieving sustainable development and enhancing integration between the Egyptian and Saudi economies.

Al-Khatib demonstrated that both Egypt and Saudi Arabia give great importance for expanding mutual scope of investments, and that there are promising opportunities for cooperation between Egyptian and Saudi companies, either through increasing Saudi companies' investments in the Egyptian market or supporting the expansion of Egyptian companies in the Kingdom, thus enhancing common interests and deepening economic integration between the two sides.

The Minister highlighted the importance of ongoing coordination between the relevant authorities in both countries to facilitate trade movement and the entry of products, emphasizing that the Egyptian government seeks, through these meetings, to formulate a comprehensive vision for the next phase based upon attracting investments and developing strategic partnerships with the Kingdom of Saudi Arabia.

Al-Khatib said that Saudi investments in Egypt reach approximately $25 billion, that reflects the prominent position of the Kingdom of Saudi Arabia as one of the most important countries investing in the Egyptian market. He affirmed that the Egyptian government is continuing its efforts for removing various challenges and obstacles facing the Saudi investors, as approximately 90% of these obstacles have already been addressed, and completing the remaining ones is in the pipeline, which will contribute to strengthening the confidence of Saudi investors and encouraging further investment flows to Egypt.

The Minister noted the importance of activating the Egyptian-Saudi Joint Business Council, as well as the joint investment agreement signed last year with the Saudi side, with the aim of increasing and expanding the volume of trade exchange between the two countries. The Minister reviewed the Economic Committee's framework, which is based on five main axes, including:

1. Enhancing trade cooperation and achieving balance in the trade balance between the two countries, by removing obstacles facing the movement of inter-trade, and working to increase the volume of trade exchange.
2. Cooperation in the field of investment, through enhancing coordination between the Egyptian Sovereign Fund and the Saudi Public Investment Fund, which contributes to increasing joint projects and opening up new areas for mutual investment.
3. Achieving industrial integration by identifying approximately (28) promising industries in which cooperation is possible, achieving added value and enhancing reliance on local production in both countries.
4. Customs, transportation, and logistics cooperation, with the aim of facilitating the movement of goods and services and supporting connectivity between Egyptian and Saudi ports.
5. Cooperation in the field of digital commerce and electronic payments, in line with the digital transformation witnessed by the Egyptian and Saudi economies and contributing to facilitating commercial transactions.