(MENAFN- Daily News Egypt)
Egypt's Prime Minister Mostafa Madbouly met on Monday with Saudi Minister of industry and Mineral Resources Bandar Ibrahim Alkhorayef at the government headquarters in the New Administrative Capital to discuss enhancing bilateral cooperation in the industrial and mining sectors. The meeting was attended by Deputy Prime Minister for Industrial Development and Minister of Industry and transport Kamel Al-Wazir, as well as other senior officials from both countries.
Madbouly began by reaffirming Egypt's readiness to support Saudi Arabia in its preparations for hosting the 2034 FIFA World Cup.“All Egyptian companies will be fully prepared to participate in the various projects and works required as part of the Kingdom's preparations for this prestigious event,” Madbouly stated, underlining Egypt's commitment to contributing to the success of the tournament.
During the discussion, Madbouly also expressed hope that the Egyptian-Saudi Higher Coordination Council, established in October 2024, would lead to a substantial increase in Saudi investments in Egypt. He stressed that this would pave the way for numerous joint projects in the industrial and mining sectors, deepening the overall partnership between the two nations.
He further emphasized Egypt's aspiration to expand industrial collaboration with Saudi Arabia, contributing to the broader goal of economic integration between the two countries.“Egypt offers a wealth of promising investment opportunities in the industrial sector, from which Saudi companies can greatly benefit,” Madbouly noted, pointing out that Egypt's free trade agreements with multiple countries and regional blocs offer Saudi businesses the chance to access new markets and leverage these trade advantages.
The Prime Minister also praised the existing cooperation between the two nations in the petroleum and mining sectors, highlighting Egypt's ongoing efforts to advance and develop these fields. He expressed interest in strengthening cooperation in mineral exploration, particularly gold mining, where Saudi companies are already active within Egypt. Madbouly invited Saudi investors to explore opportunities in Egypt's oil, gas, and petrochemical sectors, emphasizing Saudi Arabia's expertise in these areas.
Madbouly also highlighted the Egyptian government's commitment to resolving challenges faced by investors.“The Egyptian government is dedicated to addressing any issues encountered by Saudi investors in Egypt, and we continue to work closely with them to ensure a smooth investment climate,” he stated.
He mentioned that the Ministry of Petroleum and Mineral Resources is currently implementing 11 new projects as part of its national program to develop Egypt's petrochemical industry and encouraged Saudi companies to invest in these initiatives.
Saudi Minister Alkhorayef reaffirmed his country's commitment to strengthening ties with Egypt. He praised the establishment of the Egyptian-Saudi Higher Coordination Council and the signing of a mutual investment protection agreement, which he believes will serve as a catalyst for increased joint investments and trade between the two countries. Alkhorayef emphasized that the agreement sends a strong message to the private sectors in both nations, encouraging greater investment flows.
He also highlighted the strong interest of Saudi businesses in Egypt and expressed gratitude to Egyptian authorities for resolving 80 of the 90 issues affecting Saudi investors. Efforts are still underway to address the remaining concerns. The Minister noted that both countries are aligned on industrial integration and identified key sectors for future collaboration, including petrochemicals, pharmaceuticals, and automotive industries. Alkhorayef also thanked the Egyptian government for its congratulations on Saudi Arabia securing the rights to host the 2034 FIFA World Cup.
The meeting marked a significant step toward furthering the strategic industrial cooperation between Egypt and Saudi Arabia, with both sides committed to enhancing bilateral trade and investment across multiple sectors.
MENAFN17122024000153011029ID1109001126
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.