The Minister of Trade and Industry welcomes his Saudi counterpart at the Ministry's headquarters in the New Administrative Capital

Publish Date 05/06/2023 08:32 AM
Last Update 05/06/2023 12:32 PM

Eng. Ahmed Samir: Strategic bilateral relations between Cairo and Riyadh, and historical ties between the two brotherly peoples. 23.9% increase in the rates of trade exchange between the two countries over the past year. Signing on two memorandums of understanding between the two countries in the areas of developing non-oil exports and developing the automobile industry.

Eng. Ahmed Samir, Minister of Trade and Industry, welcomed at the ministry’s headquarters in the New Administrative Capital, Mr. Bandar Al-Khorayef, the Saudi Minister of Industry and Mineral Resources, and his accompanying delegation. The two ministers held a bilateral meeting that dealt with all aspects of economic cooperation between Egypt and the Kingdom, and discussed ways to enhance joint cooperation between the two countries in the fields of trade and industry. The meeting also dealt with developments in the global economic situation and the negative repercussions resulting from the global economic crisis, in addition to a number of issues and files of common interest, participated in the meeting all of Mr. Osama Al-Zamil, Saudi Deputy Minister of Industry and Mineral Resources, Ambassador Osama bin Ahmed Naqli, Ambassador of the Kingdom of Saudi Arabia in Cairo and Minister Commercial Plenipotentiary Yahya Al-Wathiq Bi- Allah, Head of the Commercial Representation Authority, and Mr. Ibrahim Al-Sigini, Advisor to the Minister of Commerce and Industry for Follow-up Affairs and Head of Commercial Processing Sector, Major General Essam Al-Naggar, Chairman of the General Organization for Export and Import Control, and a number of Saudi officials.

The minister said that Egypt and Saudi Arabia have strategic bilateral relations based on the distinguished relations that bind the leaderships of the two countries, as well as the historical and fraternal ties between the Egyptian and Saudi peoples, pointing to the importance of strengthening joint efforts between the two sides to convert these relations into tangible economic cooperation projects that are in the interest of the Egyptian and Saudi economies together.

Eng. Samir explained that the meeting reviewed opportunities and elements of industrial integration between the two countries, developments in the national strategy for industry, defining cooperation targets and implementation mechanisms, and identifying a number of industrial projects to start industrial cooperation in these projects.

The minister pointed out that the recent period witnessed intensive visits between Cairo and Riyadh between the Egyptian and Saudi sides, with the aim of coordination and consultation on achieving joint industrial integration based on the industrial strategies of both countries, pointing to the importance of concerted joint efforts between Egypt and the Kingdom to face the negative challenges of successive economic crises, with the aim of achieving security. food and medicine in the two countries.

Eng. Samir confirmed that the series of successive meetings between Egyptian and Saudi officials recently discussed a number of files of joint industrial cooperation, which included the localization of the production requirements industry, and the achievement of industrial integration between the two countries, similar to the experience of the complementary industrial partnership between Egypt, Jordan, the UAE and Bahrain, in addition to strengthening joint cooperation between Egypt and Saudi Arabia. to export to the markets of the countries of the African continent and to benefit from the African Continental Free Trade Agreement and COMESA.

The minister noted that the meeting stressed the importance of finding a joint working mechanism for cooperation in the field of mineral wealth, especially minerals, heavy metals and sands of economic value, and activating the system of accumulating rules of origin between the two countries and access to regional and global markets.

Eng. Samir pointed out that the meeting dealt with opportunities for cooperation between the two countries in the petrochemical industry to meet the needs of the local market and export to foreign markets.

Eng. Samir added that the terms of trade of commodities between the two countries amounted to about 5 billion and 665 million dollars in 2022, compared to about 4 billion and 572 million dollars in 2021, achieving an increase of 23.9%, indicating that Saudi investments in Egypt exceed 6 billion dollars, in the sectors of industry and construction. Tourism, agriculture, services, finance, communications and information technology. Egyptian investments in Saudi Arabia amount to about 1.4 billion dollars in the sectors of industry, energy, water, health, retail trade, e-commerce, petrochemicals, oil and gas, tourism, communications, information technology, transportation, logistics, mining and engineering services.

Mr. Bandar Al-Kharif, Minister of Industry and Mineral Resources of Saudi Arabia, reaffirmed his country's desire to strengthen its cooperation with the sister State of Egypt in various fields and at all levels. Al-Khorayef added that there is a joint responsibility to build national capabilities to ensure business sustainability and achieve food and drug security in both countries.

Al-Khorayef referred to the directives of the Saudi leadership to strengthen joint relations with Egypt as strategic relations and to be a role model for cooperation between them, pointing to the Kingdom's keenness to benefit from Egyptian expertise and experiences in many industrial sectors, especially the automobile and pharmaceutical industries.

The two ministers witnessed the signing of a memorandum of understanding between the Egyptian Export Development Authority and the Saudi Export Development Authority regarding enhancing cooperation between the two sides in the field of developing non-oil exports, and a memorandum of understanding between (Value Egypt) and (the National Center for Industrial Development) in the field of developing the automotive industry.

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