Egypt, Saudi agree to form a committee to remove obstacles, enhance mutual cooperation

Saudi Minister of Trade and Investment Majed bin Abdullah Al-Qasabi announced a joint committee will be formed with the aim of removing impediments and bureaucratic problems  facing the trade exchange and investments between both countries within the upcoming period.

He made these comments during the Egyptian-Saudi Business Council. the Saudi minister termed relations between the two countries as “historical” and based on a powerful partnership.

He said the volume of trade exchange between the two countries hit  $7.3 billion by the end of 2017, while Saudi direct investments in Egypt exceeded $ 3.4 billion. He added that the number of Saudi companies in Egypt has reached 5,000.

Meanwhile, Chairman of the Federation of Egyptian Chambers of Commerce (FECC) Ahmed el Wakil said a plan is being prepared to upgrade the Saudi-Egyptian relations through cooperation between the two sides’ trade federations.

Wakil made it clear that Egypt has become more attractive to investments after the government introduced a package of financial, legislative and procedural measures, citing a reduction in the balance deficit to 9.5 percent and a rise in the foreign reserve to $ 44.4 billion, adding that such developments give confidence to Saudi investors.