CAIRO: Dr. Hala Al-Saeed, Egypt’s minister of planning and economic development, discussed ways to enhance future cooperation between her country and Saudi Arabia with Dr. Majid bin Abdullah Al-Qasabi, Saudi minister of trade, on the sidelines of the meetings of the Governance Council of the Arab-Africa Trade Bridges Program.

Al-Saeed stressed her keenness to consolidate relations between the Egyptian and Saudi business communities, and to strengthen economic relations between the two countries in various fields, especially the commercial, industrial and investment fields.

During the meeting, she referred to the recent signing of a draft agreement between the two countries regarding the Saudi Public Investment Fund investing in Egypt. She stressed the importance of that agreement in supporting relations between the two countries, and expediting the completion of procedures related to investment in Egypt through the PIF. 

Al-Saeed reviewed the most prominent opportunities and areas for developing relations, and mechanisms for converting obstacles into investment opportunities in light of the COVID-19 pandemic and its economic repercussions.

She pointed to what has been done in recent years to issue a package of laws and institutional reforms in Egypt to simplify the procedures for setting up projects and encouraging the private sector and local and foreign investment.

Al-Qasabi said that Egypt and Saudi Arabia have historical relations and are united by brotherhood, proximity and Arabism, adding that during his visit to Egypt he witnessed an unprecedented development movement, saying that this approach reflects a culture of interaction and hope for investors.