The Minister of Commerce and Acting Minister of Media of the Kingdom of Saudi Arabia, Dr Majid bin Abdullah Al-Qasabi, has called on Saudi and Egyptian investors to take advantage of opportunities furnished by the two countries’ economies.
Addressing the Saudi-Egyptian Business Council, he explained that the challenges lying ahead are not on the regional stage only, but are also on the world stage due to the coronavirus outbreak and its economic fallout.
These challenges, he said, made it exigent on the governments to double their efforts in order to lay the ground for appropriate commercial and investing environment for those taking advantage of the recovery and expansion the world markets are experiencing.
The Kingdom of Saudi Arabia is the second-largest investor, in Egypt, with a total of over $6 billion
Al-Qasabi, who is leading the Saudi side to the 17th session of the Joint Saudi-Egyptian Council, pointed out that the bilateral volume of trade has reached as much as $8 billion, a 15% decrease compared to 2019 due to the pandemic impacts.
The Kingdom of Saudi Arabia is the second-largest investor, in Egypt, with a total of over $6 billion. At the same time, Egypt, for its part, was the second-largest country in obtaining investment licenses in the Kingdom in 2020, with as many as 160 licenses secured and a $1.4 billion in terms of investments by the end of 2020.
He concluded by applauding the role played by the private sectors, in the two countries, pointing to them as pivotal partners in realizing development plans and projects.