Dr Maged Al-Qasabi, Minister of Trade and Investment, said that the great movement and promising development in Egyptian investments had reflected the Saudi investor’s optimism and business seriousness.
He stressed that Saudi Arabia aims to be the first trading partner for Egypt’s imports in 2025.
Al-Qasabi explained in a telephone interview to the Egyptian program Al-Hekaya: “What we have seen today in the activities of the Egyptian-Saudi Joint Committee in its 17th session are radical and immediate solutions, and there is seriousness in trading.”
“I give Egypt people the greetings of King Salman, the Crown Prince, and all the Saudi people, as Egypt has a special relationship with the Kingdom throughout history,” he continued.
The minister stressed the importance of improving trade relations between the Kingdom and Egypt. Al-Qasabi referred to the holding of the Saudi-Egyptian joint committee with the participation of the Minister of Trade and Industry, the Saudi-Egyptian Business Council, and a large group of investors.
He thanked the Prime Minister, Dr Mostafa Madbouly, for removing investment obstacles.
The volume of Saudi investments in Egypt today has reached nearly US$35bn for 6,285 companies with a capital of about US$4.5bn. That is a reflection of the great opportunities for Saudi investors in Egypt.
Nevertheless, the opportunities are also vice-versa: “Today, there are more than 275 Egyptian brands present in the Kingdom,” the minister explained.
The number of Egyptian companies licensed to invest in the Kingdom has reached 518, with an Egyptian capital of more than US$1bn in investments.
Approximately 2 million Egyptians work and participate in Saudi Arabia’s developments.