By: Gazette staff CAIRO, May 3, 2018 - Minister of Trade and Industry Tarek Kabil has confirmed that the keenness of the political leadership in Egypt and Saudi Arabia to expand trade and investment relations between the two countries to wider horizons was fundamental to boosting the economic partnership between Cairo and Riyadh. Minister Kabil was speaking during the 16th session of the Joint Egyptian-Saudi Ministerial Committee, held in Riyadh on Thursday. The session was chaired by Minister Kabil on the Egyptian side and Minister of Trade and Investment Majid al-Qasabi on the Saudi side. The 16th session wrapped up its activities on Thursday. Minister Kabil said that Egypt and Saudi Arabia were exerting tremendous efforts to overcome all the difficulties and obstacles facing upgrading the economic ties between the two countries in all domains in such a way as to increase the volume of trade between them and to foster joint investment. The Minister pointed out that the current period had witnessed an unprecedented increase in the volume of international trade that required more co-operation, planning and joint action by Egypt and Saudi Arabia, as important strategic partners in the region. He confirmed the need to devise effective mechanisms to remove all the obstacles that may face economic co-operation and to launch new initiatives to give impetus to Egyptian-Saudi relations at every level. He said Cairo and Riyadh were interested in transforming all joint initiatives into projects that provide tangible and substantial benefits to serve the interests of the Egyptian and Saudi peoples. Continuous consultation and coordination by the Egyptian and Saudi governments have positively reflected on trade between the two countries, increasing its volume to a remarkable extent, during the current stage. The volume of trade between Cairo and Riyadh stood at $3.0 billion in 2017, Minister Kabil said. The Kingdom of Saudi Arabia has invested $6.3 billion in around 4,274 projects in Egypt. Saudi Arabia's investments in the Egyptian market made up 22 per cent of Arab investments in Egypt; and Egypt has invested $1.1billion in 1,043 projects in Saudi Arabia, the minister noted. Kabil said that the Egyptian-Saudi Business Council was playing a pivotal role in enhancing economic partnership and increasing trade between the two brotherly countries. "The Egyptian government has launched an economic reform programme to provide a suitable environment for investment and international trade. Egypt is looking forward to encouraging Saudi firms to invest more capital here so as to increase the effectiveness of trade and industrial co-operation between the business communities in both countries.
