Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce, highlighted the robust growth and flourishing partnerships in Saudi-Egyptian trade relations. He attributed these achievements to the strong leadership of both nations.
Addressing a gathering of over 270 prominent Saudi and Egyptian business leaders at the Saudi-Egyptian Business Forum in Cairo, he shared impressive economic milestones. The event, a collaborative effort by the National Competitiveness Center, the Council of Saudi Chambers, the General Federation of Egyptian Chambers of Commerce, and the Saudi-Egyptian Business Council, showcased the strengthening economic ties between the two nations. He highlighted that trade between Saudi Arabia and Egypt surged to $20.4 billion last year, and Saudi Arabia's direct investments in Egypt have reached $32 billion in recent years.
During the Cairo forum, Dr. Al-Qasabi engaged in pivotal meetings with key Egyptian ministers, including Dr. Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy, and Mr. Ahmed Issa Abu Hussein, Minister of Tourism and Antiquities. These meetings, witnessed by the Saudi Ambassador to Egypt, Mr. Osama bin Ahmed Nugali, and attended by prominent Saudi investors, focused on deepening bilateral cooperation, exploring promising opportunities and tackling mutual challenges in the business sector.
Echoing this collaborative spirit, Mr. Ahmed Samir Saleh, the Egyptian Minister of Trade and Industry, emphasized the ongoing efforts to strengthen cooperation across various production and service sectors during a ministerial dialogue session at the forum.
Dr. Iman Al-Mutairi, Deputy Minister of Commerce and Executive Director of the National Competitiveness Center, highlighted the Kingdom's extensive reforms to boost competitiveness. She noted that over 700 reforms have been implemented, spanning 16 key economic sectors across 9 fields, underscoring the Kingdom's commitment to enhancing its economic landscape.
Mr. Ahmed El-Wakeel, Chairman of the General Federation of Egyptian Chambers of Commerce, highlighted the longstanding and robust bilateral relations between Saudi Arabia and Egypt. He underscored the mutual commitment to exploring new avenues of cooperation, particularly noting the potential for enhancing trade within the African market, with its $1.4 trillion purchasing power, and extending into other regions including the Arab and European countries.
Echoing these sentiments, Mr. Fayez Al-Harbi, Vice Chairman of the Council of Saudi Chambers, emphasized the significance of Saudi-Egyptian trade relations as a cornerstone of economic partnership for both nations. He expressed optimism for future expansion and collaboration in various fields and sectors of mutual interest and priority.
The forum, designed to bolster the business partnership between Saudi Arabia and Egypt and to showcase economic reforms, was strategically timed with the Saudi delegation's visit to Cairo. The day's agenda featured key meetings with Dr. Heba Shaheen, Executive Director of the Business Climate Reform Initiative in Egypt (IRADA), and Mr. Saif Allah Fahmy, Chairman of the Egyptian National Competitiveness Council. These discussions centered on Saudi Arabia's competitiveness model, the impact of its legislative and regulatory reforms on business environment development, and the Kingdom's achievements in global indexes. The meetings also explored potential collaborative avenues to leverage Saudi Arabia's unique expertise and knowledge in various areas of competitiveness.