Cairo-Riyadh trade ties gain momentum as Saudi minister leads delegation to Egypt
Business
The forum also intended to develop trade between the two countries
(Web Desk) - Economic and trade partnerships between Cairo and Riyadh are on track to strengthen amid the Saudi commerce minister’s visit to Egypt on Nov.19.
Egyptian Prime Minister Mostafa Madbouly received Saudi Commerce Minister Majid bin Abdullah Al-Qasabi and the delegation, which included 90 senior businessmen and leaders of prominent national firms.
The objective of the meeting was to raise the levels of bilateral trade exchange in light of the economic reforms implemented by the two countries.
This meeting also aligned with the broader plans to transform the region into a global logistics center.
The forum also intended to develop trade between the two countries and other nations within the African continent, fostering increased economic integration.
During the meeting, Al-Qasabi discussed opportunities in vital sectors in light of the Kingdom’s Vision 2030, thereby encouraging the building of joint projects and removing obstacles that may impede progress.
The meeting will also facilitate establishments in free zones and enhance cooperation in programs to support the digitization of small and medium enterprises.
The commerce minister also met Heba Shaheen, executive director of the Egyptian Initiative for Business Climate Reform, and Seifallah Fahmy, chairman of the Egyptian National Competitiveness Council, to discuss the Kingdom’s legislative and regulatory reforms and their impact on developing the economic climate.
Additionally, investments between the two countries are set to flourish as multiple agreements worth $1.5 billion are expected to be signed during the Egyptian-Saudi Business Forum scheduled for Nov. 20.
The forum aims to facilitate the exchange of investment and trade opportunities between the two countries.
The investments align with Egypt’s broader goal of attracting foreign investments, particularly from Gulf countries, to bolster its decreasing US dollar reserves.
He added that most expected investments are concentrated across energy, real estate investment, agriculture and tourism sectors.
Meanwhile, the Saudi Press Agency reported that the first Gulf-Egyptian Business Forum is set to take place from Nov. 22-23 in Cairo to develop proposals that foster strong economic partnerships between the involved parties.
Organized by the Federation of Egyptian Chambers of Commerce, the forum will see the participation of officials and businessmen from Gulf Cooperation Council countries and African nations.
