The Egyptian-Saudi Business Council agrees to improve investment cooperation in the coming period

The Egyptian-Saudi Joint Business Council held a meeting in Cairo today on the sidelines of the visit of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, First Deputy Prime Minister and Saudi Minister of Defense.

The Federation of Egyptian Chambers of Commerce said – in a statement today, Tuesday – that the meeting was attended by Dr Majid bin Abdullah Al-Qasabi, Saudi Minister of Trade and Information, Eng. Khaled Al-Falih, Saudi Minister of Investment, Advisor Mohamed Abdel-Wahab, Head of the Egyptian Investment Authority, and Abdel-Hamid Abu Moussa, Head of the Egyptian Side of the Business Council Bandar bin Muhammad al-Amri, Head of the Saudi side of the council, Muhammad al-Masry, first vice-president of the Federation of Egyptian Chambers, Muhammad al-Suwaidi, head of the Federation of Egyptian Industries, and Ajlan bin Abdulaziz al-Ajlan, president of the Federation of Saudi Chambers .

The statement added that the largest Saudi business delegation visiting Egypt, including more than 50 heads of major Saudi companies, had attended the meeting to develop an action plan to trade and investment relations between the two sister countries, Egypt and Saudi Arabia.

Advisor Mohamed Abdel-Wahab, Chairman of the Investment Authority, presented the new sectoral and geographic investment incentive package, as well as the new investment opportunities that Egypt offers in various sectors and the mechanisms of government and private sector partnership. During the exit of many different sectors and mechanisms for this exit.

The statement indicated that the council had discussed the mechanisms for activating the action plan developed between the two sides, which includes the development of economic relations at bilateral level, in addition to the movement towards tripartite cooperation, especially in joint projects in Africa. , after President Abdel Fattah El-Sisi introduced the African Continental Free Trade Agreement and Egypt’s presidency and its presentation of the Union of African Chambers. , especially in the fields of contracting, infrastructure, agriculture and food manufacturing, in addition to joint manufacturing in Egypt to maximize collective benefit from free trade agreements involving more than 3 billion uncommitted consumers in the Arab world, Europe, Africa and the Americas.

He pointed out that it had been agreed to arrange visits for sectoral delegations and to maximize participation in specialized exhibitions and conferences, which include a Saudi delegation of 30 real estate investment companies this month, then an agricultural investment delegation and food processing and the Egypt Investment Forum during September, then a delegation for new and renewable energy and green hydrogen during the climate summit in Sharm El-Sheikh “COP27” and a financing forum in the presence of funds and development banks in November, and the forum for deepening and industrial integration in December, in addition to the meetings between the two sides within the framework of the Union of Arab Chambers and the Islamic Chamber of Commerce and Industry.

The unions in the two countries will also list the existing industries and their efforts to promote integration between the two industrial sectors, especially with the competitive advantage of the free trade agreements available to Egypt, which exceed 3 billion consumers and are supported by the limited costs . Investments outside the traditional activities of tourism and real estate investing and industrial integration to create real added value and the most important jobs for the youth of the two countries exceeding 70% of the population.

He added that it had been agreed to activate cooperation between small and medium enterprises in the Kingdom and Egypt by connecting the chambers of commerce in the two countries, which would be activated by holding joint meetings of the boards of the two unions in the governors’ councils . , to open direct communication channels between the chambers of the two sides for the benefit of their subsidiaries of small and medium-sized enterprises and to offer co-operation opportunities The participant in the various governorships, in addition to exchanging experiences in the services provided by each chamber especially in the areas of technical assistance, finance, entrepreneurship and training.

The statement emphasizes that Saudi Arabia is the first place in terms of Arab investments in Egypt, as the number of Saudi projects in Egypt has reached more than 6,285 projects covering all production and service fields, with a value of more than $ 30 billion, in addition to the property of the Saudi brothers from real estate assets in their second home, Egypt, which is estimated at several billion.

On the other hand, Egyptian investment in Saudi Arabia has increased, bringing the number of projects to 1,300, with investments of more than $ 2.5 billion, including 1,000 projects with 100% Egyptian capital worth $ 1.1 billion. exceeded.

The trade exchange also rose by 85% and grew to more than $ 14.5 billion, Saudi tourism accounts for more than 20% of Arab tourism, and the number of Egyptians working in the Kingdom has 1.8 million people besides their families, and there are more than half a million Saudis living permanently in Egypt. .

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