At the margins of the ministerial gathering of the 18th session of the Joint Committee between Egypt and Saudi Arabia in Riyadh. Engineer Ahmed Samir, the current Minister of Trade and Industry, and Engineer Majid Al-Qasabi, the current Minister of Commerce and Investment of Saudi Arabia, both co-chaired a meeting of the Egyptian-Saudi Joint Business Council, that had been scheduled to happen during the ministerial meeting of the 18th session of the Egyptian-Saudi Joint Committee that is being held right .
The meeting was attended by Mr. Ahmed Al-Wakil, FCC President, and Mr. Hossam Heiba, who is the head of the General Authority for Investment and Free Zones, together with members of the FCC and the business communities of Egypt and Saudi Arabia, including Ambassador Ahmed Farouk, the Egyptian envoy to the Kingdom of Saudi Arabia, and Mr. Osama bin Ahmed
The Minister referred to all matters of bilateral economic cooperation, how to enhance this cooperation and increase opportunities for exchange of trade and industrial integration between Egypt and Saudi through the elimination of all hindering factors to both markets’ access and through the exploitation of the lowest cost factor for either country to gain entry into the African market.
He emphasised the willingness of both governments to keep the work of the Joint Business Council going. He pointed out how this is expected to lead to an increase in trade and Investment between the two countries in the short run.
In the meeting, Samir highlighted the top investment potentials that offer a lot to Saudi businessmen eager to invest in the economic field of Egypt, particularly the investment opportunities that the ministry has discovered to be local producers’ needs and provide local industry. The official stressed the Egyptian government would offer attractive incentives to facilitate investment in such fields through which it could partially meet the domestic market’s needs and export to foreign markets.
The two ministers answered the inquiries of the investors from two parties regarding the benefits of making investments between the markets of Egypt and Saudi Arabia and the business encouragement provided both governments.
The council was impressed with the roles of the governments from both countries in overcoming the challenges may lay along the investment path and the trade movement. They also approved of the continuous cooperation between the Egyptian and Saudi Ministry of Trade and removing the barriers impeding the investors from both sides.
