RIYADH: Saudi Arabia plans to sign two agreements with Egypt to boost the North African country’s participation in the Kingdom’s industrial and mining sectors in line with Vision 2030.
During his visit to Egypt, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef expressed the Kingdom’s keenness to facilitate Egyptian investors.
It is part of the Kingdom’s efforts to bolster the role of the mining and industrial sectors in the national economy and increase their contribution by attracting foreign investment.
According to Alkhorayef, the first agreement seeks to “preserve commercial activity between the two countries and reduce obstacles, as well as finance exports through the Saudi Export Bank.”
He said the other agreement would form a partnership with some Egyptian companies specialized in targeted activities in the Kingdom.
On Saturday, the minister began his official tour to Egypt to discuss bilateral relations and explore opportunities to enhance cooperation in the industry and mining sectors, the Saudi Press Agency reported.
Alkhorayef is accompanied by Deputy Minister of Industry and Mineral Resources Osama Al-Zamil.
He met with various government officials and investors in the industrial and mining sectors from both countries and visited several factories.
“There are many opportunities that we see when it comes to the collaboration between us and our brothers in Egypt that will help accelerate the projects that are being built in those sectors,” noted the minister.
Last year, the volume of Saudi Arabia’s non-oil exports to Egypt exceeded SR11 billion ($2.9 billion), while imports totaled SR10 billion.
The Kingdom’s primary exports to Egypt included petrochemicals, building materials, and medicines, while key imports comprised food products, heavy machinery and electronics.
On Sunday, Egyptian Minister of Trade and Industry Ahmed Samir said that trade exchange between countries surged 23.9 percent in 2022 to reach $5.6 billion.
He said the year ended with $6 billion worth of Saudi investments in Egypt and $1.6 billion of Egyptian investments in the Kingdom.
Alkhorayef said: “The trade between both countries is witnessing growth, but the aspirations of the leadership are much bigger.”