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Industry and Commerce: Saudi Arabia is the second largest investor in Egypt with more than 500 investment projects


Minister of Trade and Industry Nevin Gamea confirmed that trade and investment cooperation between businessmen in Egypt and the Kingdom of Saudi Arabia is one of the main pillars of supporting the Egyptian-Saudi economic relations, noting that the launch of a new session of the Joint Business Council represents a great opportunity to achieve the goals of the political leadership in the two countries related to encouraging and supporting the private sector. Attracting foreign investments, especially in light of joint work on major urban and industrial projects, revealing that Saudi Arabia is the second largest investor in the Arab Republic of Egypt.

 

She said that the political leadership in the two countries supports and supports the promotion of the movement of investments in both Egypt and Saudi Arabia, which represents a golden opportunity to establish investment partnerships between the private sector men between the two sides, stressing the compatibility of visions between officials of the two governments to remove all challenges that stand in the way of the investment movement in each of the two countries. Egypt and Saudi Arabia.

 

This came in the context of the minister’s speech during her opening and Dr. Maged Al-Qasabi, Minister of Commerce in the Kingdom of Saudi Arabia, of the activities of the Egyptian-Saudi Joint Business Council, in the presence of Abdel Hamid Abu Mousa, head of the Egyptian side in the council, Bandar Al-Amri, head of the Saudi side, as well as council members from both sides, as well as Osama bin Ahmed Naqli, ambassador Saudi Arabia in Cairo, Ambassador Ahmed Farouk, Egypt’s ambassador to Saudi Arabia, Counselor Mohamed Abdel Wahab, Chairman of the General Investment Authority, Mohamed El Masry, Vice President of the General Federation of Chambers of Commerce, Ibrahim El Seginy, Assistant Minister of Trade and Industry for Economic Affairs, and Dr. Alaa Ezz, Secretary of the General Federation of Chambers of Commerce.

 

The minister said that the meeting of the Egyptian-Saudi Joint Business Council, which coincides with the work of the seventeenth session of the Egyptian-Saudi Joint Committee, reflects the clear interdependence between bilateral economic relations at the official level and the level of businessmen, noting that the council plays a key role in revitalizing the flow of trade and investment in the two countries.

 

Jameh pointed out that despite the exceptional circumstances the world is witnessing as a result of the Corona virus pandemic and its economic repercussions, which negatively affected global trade and investment flows, the trade and investment exchange figures between Egypt and Saudi Arabia reflected the extreme specificity of Egyptian-Saudi relations in the commercial and investment fields, noting that The Kingdom of Saudi Arabia is the second largest external market for Egyptian exports, and Egypt is the eighth largest recipient of Saudi exports, with a total trade exchange in petroleum and non-oil goods exceeding $7.5 billion.

 

The minister added that the Kingdom of Saudi Arabia is the second largest investor in the Arab Republic of Egypt, with investments exceeding 6 billion dollars distributed over more than 500 investment projects, while Egypt ranked second in the list of the largest countries for which investment licenses were issued in the Kingdom of Saudi Arabia in 2020, with a total of 160 investment licenses. The total Egyptian investments in Saudi Arabia amounted to about $1.4 billion by the end of 2020, noting that these indicators are very positive in light of a 42% drop in global investment flows in 2020 compared to 2019, according to the report of the United Nations Conference on Trade and Development (UNCTAD).

 

Jameh praised the Council of Saudi Chambers and the various chambers for welcoming the Egyptian initiatives to hold electronic events (remotely), which were organized in coordination with the Commercial Representation Office in Jeddah to overcome the obstacles related to travel restrictions imposed by the Corona pandemic, pointing out that these initiatives included providing opportunities to import Egyptian products, Arranging bilateral meetings and electronic trade missions, and organizing events and seminars to introduce Saudi businessmen to the investment climate and incentives in Egypt, especially major national projects such as the Suez Canal Economic Zone project and the New Administrative Capital, where various Egyptian authorities harnessed all their capabilities to assist Saudi businessmen wishing to pursue their business in Egypt during the travel ban period, in order to preserve their commercial and investment interests.

 

Jameh expressed her confidence that the current council, in its new formation, would present initiatives and proposals that would enhance joint trade and investment cooperation between the two countries, stressing the readiness of all concerned official authorities to provide the various aspects of support and data required to assist the council in performing its tasks for the benefit of the two brotherly countries.

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