(MENAFN- Daily News Egypt) Kamel Al-Wazir, Egypt's Deputy Prime Minister for Industrial Development and Minister of industry and Transport, welcomed Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and his delegation to discuss ways to enhance industrial cooperation between the two nations. The meeting aimed to explore opportunities for deeper integration and collaboration in industrial sectors, paving the way for stronger economic ties.
Al-Wazir began by emphasizing Egypt's openness to partnerships with all Arab nations in the industrial sector, which he described as essential for sustainable development. He stressed the importance of establishing joint factories and logistics zones in both Egypt and Saudi Arabia to drive industrial integration and boost trade volumes between the two countries.
The Minister highlighted the strategic geographical locations of both nations, noting their well-established transport links, including maritime, rail, and road networks, which play a crucial role in facilitating industrial activities. These transport routes are key to efficiently moving goods from production facilities to seaports and enabling exports to international markets.
Several key areas for cooperation were discussed, including the potential for joint manufacturing projects in aluminum production to meet Egypt's growing demand. Other sectors identified for collaboration included automotive components (such as tires, wiring harnesses, and frames), petrochemicals, equipment for renewable energy projects like solar and wind power, green hydrogen, and polyester production. Additionally, opportunities for manufacturing active pharmaceutical ingredients, particularly for chronic and critical disease medications, were explored. The expansion of Saudi food industries into the Egyptian market was also identified as a priority to meet the needs of both countries and support regional exports.
Al-Wazir assured that the Egyptian government offers fully serviced industrial lands, skilled labor, and the necessary resources for establishing the planned factories.
Minister Alkhorayef reiterated the importance of translating the strong bilateral relationship into tangible projects that would generate new job opportunities and benefit both economies. He emphasized the role of the working group, comprising representatives from both ministries, which will focus on integrating supply chains, advanced manufacturing, and human resource development.
On the sidelines of the meeting, the two ministers witnessed the signing of a supply chain cooperation agreement between AlTawakol for Steel Fabrication and Hot Dip Galvanization (Egypt) and Falak Investment (Saudi Arabia). This partnership will focus on the manufacturing and supply of telecommunications towers in Saudi Arabia, strengthening cooperation in steel industries, galvanization, and telecommunications infrastructure.
The agreement also provides a framework for future collaborations, with plans to expand operations for the Egyptian company's industrial products. The companies will submit technical proposals and leverage practical expertise to compete in government and public tenders within Saudi Arabia. This agreement marks a significant step in expanding industrial ties and deepening economic cooperation between the two nations.
MENAFN18122024000153011029ID1109005981
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.