Saudi Arabia and Egypt strengthen trade ties with key meeting in Cairo

 

 

The relationship between Kingdom of Saudi Arabia and the Arab Republic of Egypt It is based on historical and fraternal foundations, strengthened by shared political and economic interests in the region. For decades, this alliance has promoted close cooperation in various fields, especially in the economic field. trade and investment mutual understandings are crucial to the development and consolidation of these ties, both at regional and international levels.

 

On October 9 and 10, 2024, it will be held in El Cairo, the capital of Egypt, the first meeting of the team in charge of following up on the recommendations of the 18th session of the Saudi-Egyptian Joint Committee. This meeting aims to review the implementation of the strategic guidelines of both countries, as well as the recommendations and initiatives promoted by the committee. The meeting will be chaired by Abdulaziz bin Omar Al-Sakran, Deputy Governor for International Relations of the General Authority for Foreign Trade (GAFT) of Saudi Arabia, and the Dr. Amani Al-Wasal, Head of the Foreign Trade and Agreements Sector of the Egyptian Ministry of Commerce and Industry.

 

The Saudi-Egyptian Business Council plays a key role in facilitating cooperation between companies and investors from both countries.

 

The monitoring team is tasked with coordinating with government agencies to implement the joint committee's recommendations, identifying obstacles and challenges, and proposing solutions to overcome them. It will also be responsible for preparing and coordinating future committee meetings and overseeing the resolution of issues affecting its work.

 

In this context, the Saudi-Egyptian Business Council plays a key role in facilitating cooperation between companies and investors from both countries. Through the organization of business meetings, the council seeks to promote New investment and cooperation opportunitiesIn addition, there are several joint commissions working to eliminate barriers faced by investors and improve the economic environment in both nations.

 

Trade between Saudi Arabia and Egypt has experienced a remarkable increase, reaching almost $8.000 billion in the first half of 2024, representing an increase of 41% compared to the same period in 2023. Among the main products exported by Saudi Arabia are metal and plastic products, while Egypt mainly exports metal products, copper and derivatives.

 

Investments play an essential role in strengthening economic relations between the two nations. Saudi investments in Egypt amount to around $26.000 billion, spread across more than 8.000 companies, while Egyptian investments in Saudi Arabia reach $4.000 billion, with the participation of more than 3.000 companies.

 

GAFT, for its part, aims to enhance Saudi Arabia's international trade gains and defend its foreign trade interests, thereby contributing to the development of the national economy.