Saudi-Egyptian Business Forum Strengthens Bilateral Ties and Economic Cooperation
Cairo, November 20, 2023, The Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, highlighted the substantial growth in trade relations and investment between Saudi Arabia and Egypt during the Saudi-Egyptian Business Forum held in Cairo. Addressing over 270 prominent Saudi and Egyptian businessmen, as well as senior executives from major companies, Al-Qasabi emphasized the determination of both leaderships in fostering partnerships, joint projects, and development investments.
The Minister reported that the trade volume between Egypt and Saudi Arabia reached an impressive $20.4 billion in the past year, with Saudi direct investment in Egypt totaling $32 billion in recent years. The forum, organized by the Saudi National Competitiveness Center (NCC) in collaboration with the Federation of Saudi Chambers (FSC) and the Federation of Egyptian Chambers of Commerce, aimed to strengthen partnerships and discuss economic reforms.
During the forum, Al-Qasabi held meetings with Egypt’s Minister of Electricity and Renewable Energy and Minister of Tourism and Antiquities, focusing on enhancing bilateral cooperation and addressing challenges in the business sector. The ministerial dialogue session highlighted the joint efforts of Egypt and Saudi Arabia to enhance cooperation in various productive and service sectors.
CEO of the National Competitiveness Center, Dr. Iman bint Habas Al-Mutairi, emphasized the significant reforms in Saudi Arabia to enhance competitiveness, covering 16 main and sub-economic sectors across 9 fields. The President of the Federation of Egyptian Chambers of Commerce, Ahmed El-Wakeel, discussed enduring relations between the two nations, expressing a shared commitment to exploring new cooperation opportunities across various fields.