Minister of Industry and Trade Tarek Kabil announced the joint Egyptian-Saudi Committee will meet in Riyadh mid-May. The meeting will follow up on the implementation of recent recommendations released in the 15th session of the committee, chaired by the two countries’ trade ministers.
Kabil added that the meeting will discuss ways to enhance economic cooperation and increase the volume of trade exchange between the two sides. He pointed out that the meeting will address a number of economic files of common interest, including joint investment and exhibitions, and cooperation in the development of consumer protection, fisheries, food industry, medicine, health, and transportation.
The minister continued that he met with some Saudi officials on the sidelines of President Abdul Fattah El-Sisi’s visit to Riyadh, where they discussed boosting intra-trade and removing obstacles facing investors. They also agreed on facilitating the procedures of holding exhibitions in both countries and develop the electronic connection to ease data exchange related to e-commerce between the two countries, especially the Egyptian agricultural exports to Saudi Arabia.
Kabil further added that the Rihadh meetings also reviewed ways of increasing Saudi investments in the Egyptian market, especially in light of the Egyptian government’s efforts to eliminate obstacles facing foreign investors in Egypt.
He called on the Saudi side to encourage the Saudi business community to inject more investments in the Egyptian market to benefit from Egypt’s engagement in free trade zone agreements, which allow exporting to more than 1.6 billion consumers with zero customs duties. The agreements include the Arab World, the USA, Turkey, the European Union (EU), the European Free Trade Association (EFTA), the Common Market for Eastern and Southern Africa (COMESA), and soon the Mercosur and the Eurasian Economic Union.
Kabil concluded that the Egyptian market has promising investment opportunities in many fields, including the food, construction, furniture, pharmaceutical and petrochemical, land reclamation, and energy.