Saudi Arabia, Egypt sign MoU to boost mutual investments in agricultural sector

Egyptian agriculture ministry signed a Memorandum of Understanding (MoU) with its Saudi counterpart to enhance mutual cooperation and boost investments in field of agriculture and food industries.

During the Saudi-Egypt Business Opportunities Forum, Saudi agriculture minister Abdulrahman bin Abdulmohsen Al-Fadhli stated that the MoU includes collaboration in field of cultivating cereals, vegetables, fodders, and food manufacturing.

The forum kicked off Saturday and organised by Egyptian trade and industry ministry aiming at exploring the business opportunities for investment in Egypt and Saudi.

It will discuss investments in the agricultural, industrial and commercial sector as well as the energy sectors.

Many experts and officials from the governmental and private sectors will participate in the forum.

He added that Egypt enjoys investment-attracting opportunities in agriculture and food manufacturing fields that would lead to deepening joint cooperation between two states.

On other side, Egyptian agriculture minister Essam Fayed  said that there are a lot of investment potentials in fields of food industries, agro-business, livestock, and poultry that would lead to Arab and Islamic integration to achieve food security.

The total volume of Saudi investments in Egypt in agricultural sector represents around 8.9 percent of total Saudi investments that reached around US$6.1 billion in 2015.