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05-06-23

KSA elevates relations with Egypt by signing two agreement to raise Egypt contribution in Kingdom

(MENAFN) Saudi Arabia is set to strengthen its ties with Egypt through the signing of two agreements aimed at promoting Egypt's involvement in the Kingdom's industrial and mining sectors, aligning with the objectives outlined in Vision 2030. During his visit to Egypt, Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, emphasized the Kingdom's commitment to facilitating Egyptian investors and fostering bilateral cooperation.

The agreements represent Saudi Arabia's strategic efforts to enhance the role of the mining and industrial sectors in its national economy, with a particular focus on attracting foreign investment. The first agreement aims to facilitate commercial activities between the two countries while reducing obstacles and providing financial support for exports through the Saudi Export Bank. This step is intended to promote smooth trade relations and facilitate economic cooperation between Saudi Arabia and Egypt.

The second agreement seeks to establish a partnership with Egyptian companies specializing in targeted activities within the Kingdom. This collaboration will enable the exchange of expertise, technology, and resources, contributing to the growth and development of both nations' industrial and mining sectors.

Minister Alkhorayef commenced his official tour to Egypt on Saturday, accompanied by Deputy Minister of Industry and Mineral Resources, Osama Al-Zamil. During their visit, they engaged in discussions with government officials and met with investors in the industrial and mining sectors from both countries. Additionally, the minister and his delegation visited various factories to gain insights into the existing industrial infrastructure and explore potential areas for collaboration.

The signing of these agreements and the subsequent discussions and visits exemplify the commitment of Saudi Arabia and Egypt to foster stronger economic ties and promote mutually beneficial cooperation in the industry and mining sectors. By leveraging their respective strengths and resources, the two countries aim to drive economic growth, create employment opportunities, and contribute to the realization of their long-term economic visions.
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