Egyptian Chemical and Fertilizers Export Council (CEC) eyes increasing its exports to Saudi Arabia by 20 percent to hit 1.8 billion Egyptian pounds (US$202.7 million) during 2016.
Chairman of CEC Khaled Abu El Makarem told Amwal Al Ghad Monday that Saudi Arabia is the second largest importer of Egyptian fertilizers and chemicals in 2015 with imports estimated at 1.5 million pounds, capturing 12 percent of sector’s total exports.
During January-February 2016, Saudi Arabia was the fourth largest importer of Egyptian chemical industries with imports worth 181.7 million pounds, representing 8 percent of sector’s total exports, the chairman pointed out.
He clarified that paper products sector topped the list of Egyptian exports of chemical industries to Saudi Arabia with exports of 56.8 million, followed by plastic whose exports estimated at 55.6 million pounds, then inorganic chemicals (16.3 million pounds), and detergents (13.3 million pounds).
The official emphasised on the strong commercial relation between Egypt and Saudi Arabia in chemical industries sector since Saudi-based petrochemicals manufacturer SABIC company is a key supplier for plastic factories.
Chairman Abu El Makarem noted that CEC is currently negotiating over signing new partnerships between Saudi investors and a number of Egyptian businessmen in field of petrochemicals and fertilizers.