Egyptian and Saudi trade ministers discussed expanding co-operation

Egypt's Minister of Trade and Industry, Ahmed Samir, recently held a productive meeting with Saudi Arabia's Minister of Trade, Majed Bin Abdullah Al-Qasabi, in the presence of prominent Saudi investors. This is reported by Daily News Egypt, a partner of TV BRICS.

This discussion aimed at strengthening economic cooperation between the two nations across various trade, industry, and investment sectors. They also addressed the current global economic situation amid ongoing crises and explored topics of mutual interest.

Samir underscored the Egyptian government's unwavering commitment to removing any obstacles hindering Saudi investments in Egypt, with a particular focus on expanding these investments in crucial sectors. He highlighted the government's efforts to streamline investment procedures, promote company formation, and facilitate the allocation of industrial land. The government also aims to provide tax incentives for up to 10 years through the issuance of golden licenses to investors in various sectors.

Furthermore, the minister expressed the state's keenness to enhance industrial integration plans between Egypt and Saudi Arabia to meet the demands of both domestic and Saudi markets, while also pursuing opportunities for regional exports.

Samir emphasized the evolving global economic landscape, which has resulted in the emergence of new markets and the creation of tangible commercial and industrial prospects.

Samir stated that the total trade exchange between the two countries last year was about $5.66 billion, compared to $4.57 billion in 2021, achieving a growth rate of 23.9 per cent.

Saudi Minister of Commerce emphasized the need to explore and enhance collaboration between the business communities of both countries, and to acquaint governments and citizens with these opportunities.

Photo: Daily News Egypt