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Trade exchange between Egypt, Saudi Arabia increased 41%

Volume of trade exchange between Egypt, Saudi Arabia increased 41%

The Egyptian Minister of Trade and Industry, Eng. Ahmed Samir, welcomed Osama bin Ahmed Naqli, the Kingdom of Saudi Arabia’s Ambassador in Cairo. During the next stage, the meeting reviewed the files of joint economic cooperation and ways to improve intra-trade and investments between Egypt and the Kingdom. 

Ibrahim Al-Sigini, Assistant Minister for Economic Affairs, Minister Plenipotentiary Trade Yahya Al-Wathiq Billah, Head of the Commercial Representation Authority, and Zayed Al-Asmari, Saudi Commercial Representative at the Kingdom’s Embassy in Cairo, all attended the meeting. 

According to the minister, the historical and strategic ties that unite Egypt and the Kingdom, as well as their leadership, government, and people, are a fundamental pillar for strengthening the frameworks of joint economic cooperation and advancing them to levels that serve the interests of the two brotherly peoples. 

He stated that Egypt is welcoming more Saudi companies to invest in the Egyptian market in various production and service sectors, as well as to establish industrial partnerships between the two countries’ private sectors. 

Samir stated that Egypt has enormous manufacturing capabilities in a variety of industries, and Egyptian products are very popular in a variety of foreign markets, emphasizing Egypt’s efforts to maximize the benefit from all available natural resources and expand its manufacturing in order to increase its added value and make it available to meet the needs of the Egyptian market and the markets of Arabic-speaking countries. 

According to the Minister of Trade and Industry, the volume of trade exchange between Egypt and Saudi Arabia was $4,570 billion last year, up from $3.236 billion in 2020, representing a 41% increase. 

Ambassador Osama bin Ahmed Naqli, Kingdom of Saudi Arabia’s Ambassador in Cairo, for his part, affirmed his country’s eagerness to advance the level of industrial and commercial cooperation with Egypt and expand it to broader horizons that reflect the strategic bilateral relations linking Cairo and Riyadh. 

The ambassador stated that the Kingdom is currently undergoing a significant transformation, particularly in terms of diversifying economic resources by maximizing the use of all available ingredients and capabilities with a focus on industrial and investment activities, which strengthens partnership relations between the Kingdom and Arab countries in general, and Egypt in particular. 

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