Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt-Saudi Trade Exchange Surges 24%

Sun 19 Nov 2023 | 08:31 PM
Taarek Refaat

Ahmed Samir, Minister of Trade and Industry held an extensive discussion session with Majid Al-Qasabi, Saudi Minister of Commerce, in the presence of a large number of Saudi investors. 

Samir confirmed that Saudi investments in Egypt amount to $6.3 billion in 7,444 projects in the sectors of industry, construction, tourism, services, agriculture, finance, communications, and information technology, pointing out that the value of Egyptian investments in Saudi Arabia amounts to $1.6 billion in 2,027 projects in the sectors of manufacturing, wholesale and retail trade, and the construction sector.

Samir noted that the total volume of trade exchange between the two countries last year amounted to about $5.665 billion compared to about $4. 572 billion in 2021, an increase rate of 23.9%.

Samir explained that the Egyptian state is sparing no effort in overcoming all obstacles facing Saudi investments in Egypt in an effort to enhance these investments in vital sectors of common interest.

He pointed to the efforts made by the government during the current stage to facilitate investment procedures and facilitate the establishment of companies, whether by expanding the granting of the golden license to investors in various sectors, as well as facilitating procedures for allocating industrial lands and granting tax exemptions for a period of up to 10 years, in addition to providing 152 investment opportunities in a number of strategic sectors with distinct incentive packages.

On his part, Al-Qasabi said that the successive global crises that began with the coronavirus, the Russian-Ukrainian crisis, and the disruption of supply chains pushed the governments of the two countries to move toward achieving integration between Egypt and Saudi Arabia and achieving food and pharmaceutical self-sufficiency.