Riyadh, March 05, 2024, The Saudi-Egyptian Business Council advocated for Saudi Arabia and Egypt to form a business partnership to jointly enter third countries, especially the African market. To adequately meet the difficulties presented by global crises and guarantee food and medical security for both countries, the alliance aims to promote integration between the corporate sectors in initiatives and investment opportunities. The request was made during the council meeting that coincided with the 18th Saudi-Egyptian Joint Committee session yesterday in Riyadh.
Among those present were the Egyptian Minister of Trade and Industry, Eng., and the Minister of Commerce, Dr. Majid Al-Qasabi. Ahmed Samir, Hossam Heiba, President of the General Authority for Investment and Free Zones of Egypt, and members of the commercial sectors in both nations. Al-Qasabi commendably emphasized that the Kingdom has emerged as Egypt's principal trading partner, with trade exchange rising to $20 billion at a 40% annual growth rate. Samir highlighted Egypt's resolve to offer advantages and remove barriers for Saudi companies.
"Saudi Arabia and Egypt are connected through approximately 70 agreements, protocols, and memoranda of understanding between government and private institutions, which reflects the depth of our strategic partnership," said Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers of Commerce and Industry.
Ahmed Al-Wakil, President of the General Federation of Egyptian Chambers of Commerce, acknowledged both nations' robust economies. He added that Saudi Arabia was one of Egypt's biggest investors, having contributed $30 billion to 3,000 projects.
