Egypt's Planning Minister meets Saudi Commerce Minister, business delegation

Egypt’s Minister of Planning and Economic Development and Chairman of The Sovereign Fund of Egypt (TSFE) Dr. Hala El-Said held a meeting with Saudi Minister of Commerce Dr. Majid bin Abdullah Al Qasabi and his accompanying delegation.

The meeting took place in the presence of Egypt’s Minister of Trade and Industry Nevine Gamea, Chairman of the Saudi-Egyptian Business Council Bandar bin Mohammed Al-Amri, and Head of the Egyptian side to the Egyptian-Saudi Business Council Abdel Hamid Abu Moussa, TSFE CEO Ayman Soliman, and investors from both sides.
El-Said expressed her happiness to be among these distinguished businessmen aiming to strengthening relations between the Egyptian and Saudi business communities and boosting economic relations between the two countries in various fields.
She pointed to the importance of the strategic partnership between Egypt and Saudi Arabia and the importance of continuing cooperation across all levels, in light of the interest and care these relations witness from the political leadership in both countries. El-Said added that the volume of trade exchange in non-oil goods between Egypt and Saudi Arabia exceeded $4.4 billion in 2020, pointing out that the Kingdom is the top Arab investor in Egypt.
She explained that Egyptian exports to the Saudi market have achieved significant growth in 2020, recording $2.6 billion, compared to $2.3 billion in 2019, an increase of 13%, according to data from the Egyptian-Saudi Business Council.
El-Said reviewed the most prominent opportunities and areas for developing relations with leading private sector companies in the two countries, and the mechanisms for converting obstacles into investment opportunities in light of the coronavirus pandemic.
"Especially as several factors support the growth of these relations, such as the support and momentum the political and supporting institutional frameworks, represented by the Egyptian-Saudi Joint Ministerial Committee and the Saudi-Egyptian Business Council," she said.
The Minister of Planning added that Egypt is keen to develop relations, noting that the legislative framework supporting the partnership between the public and private sectors has received the attention of the state.
"Institutional reforms aim to simplify the procedures for setting up projects and encourage the private sector and local and foreign investment, within the framework of the national economic and social reform programme," she confirmed.Regarding Egypt's efforts to improve infrastructure to stimulate the private sector, El-Said indicated that in recent years several major infrastructure development projects have been implemented.
Furthermore, TSFE was established to mobilize joint financing for development efforts and strengthen partnership with the private sector.
El-Said praised the Saudi-Egyptian Business Council, which, since its establishment in 1989, has become a distinguished platform that includes the business communities of the two countries to discuss ways to enhance cooperation in various fields, especially the commercial and investment fields.She stressed the importance of the council’s role in improving the climate of cooperation and overcoming the obstacles encountered by either of them, and encouraging an increase in exports through communication and exchange of information on the needs of goods and services, and the dissemination of information on available investment, trade and export opportunities.
The Minister of Planning and Economic Development also praised the results of the joint meeting of the Saudi-Egyptian Business Council in Cairo, foremost of which is the agreement on the necessity of maximizing Saudi participation in major Egyptian projects, entering African markets and free trade zones available to Egypt, and moving towards tripartite cooperation for joint projects in Africa, especially in the fields of infrastructure, agriculture, joint manufacturing, logistics, and maximizing joint benefits from African and European Free Trade Agreements.
For his part, TSFE CEO Ayman Soliman showcased the most important projects and investment opportunities that the sovereign fund has begun to realize.
The Saudi side also reviewed the most important areas in which Saudi companies wish to invest, the national companies' leadership project in Saudi Arabia, and the most important achievements in this project.