Egypt’s Merchandise Exports to Saudi Arabia Record $2 Billion
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Sunday - 12 June 2022
The Egyptian Minister of Trade and Industry Nevin Gamea held an extensive meeting with Majid bin Abdullah Al-Qasabi, the Saudi Minister of Trade to discuss the development of trade and investment relations between the two countries, on the sidelines of the 12th Ministerial Conference of the World Trade Organization (WTO) in Geneva, Switzerland.
The minister said that the meeting reviewed files of common interest between Egypt and Saudi Arabia, especially the continuous growth of trade relations between the two countries, which was reflected in Saudi Arabia’s ranking as the second largest market for Egyptian commodity exports during 2021 with a total of $1.994 billion.
She added, “Egypt ranked seventh as the largest market for Saudi merchandise exports in the same year, with a total of $2.478 billion.
Gamea praised the results of the first meeting of the follow-up team for the 17th session of the joint committee, which was held in Riyadh last March, and the team’s commitment to continuing communication to activate the meeting’s recommendations in various fields of cooperation, pointing to the Egyptian side’s keenness to provide all means of support to the Egyptian-Saudi Joint Business Council.
The minister reviewed the most prominent facilities provided by the ministry in this regard, such as allowing the allocation of lands in the usufruct system at the cost of annexation and simplifying the procedures for issuing the industrial registry and licenses, noting the possibility of establishing Egyptian-Saudi industrial partnerships in labor-intensive industrial sectors such as ready-made garments, furniture and textiles
On his part, Al-Qasabi affirmed his country’s keenness to enhance economic cooperation between the two countries to distinct levels that reflect the strategic bilateral relations linking Cairo and Riyadh, pointing out that Egypt enjoys a special status among Arab countries.
Al-Qasabi pointed out that Egypt now possesses all the ingredients that qualify it to be an investment hub that attracts foreign and Arab investments, especially after the great development in the field of infrastructure, as well as the decisions recently announced by the government to facilitate the investment system in various sectors, stressing in this context the importance of strengthening the investment partnership between the private sector in the two countries through activating the joint Saudi-Egyptian Business Council.
