The Council of Saudi Chambers (CSC) and the Federation of Egyptian Chambers of Commerce (FECC) have agreed a joint strategy to boost economic cooperation between the countries, Reuters reports.
The CSC said that a high-level delegation took part in a Saudi-Egyptian Business Forum in Egypt, coinciding with a visit to Cairo by Crown Prince Mohammed bin Salman, during which the development of bilateral economic relations was discussed. Opportunities for cooperation in joint projects in Africa were also explored, along with ways for the two chambers to share their experiences in the areas of technical aid, finance, entrepreneurship and training.
The joint plan also includes the promotion of Saudi tourism in Egypt and a mechanism to help solve problems experienced by investors in both countries, and to enable the participation of Saudi businesses in the Egyptian Investment Conference next February.
The forum was organized under the patronage of Saudi Minister of Commerce and Investment Majid bin Abdullah Al-Qassabi and Egyptian Minister of Electricity and Renewable Energy Mohammad Shaker.
Al-Qassabi praised the Kingdom’s efforts to create a better environment for investment between the two countries, while Shaker said the electricity sector in Egypt is growing at an accelerated rate, which offers many investment opportunities.
CSC Chairman Sami Al-Obaidy said that Egypt represents a major economic opportunity for the Kingdom, and that trade between the two countries grew to about $7.2 billion in 2017.
The Kingdom ranks first in terms of Arab investments in Egypt, with more than 2,900 projects worth more than $27 billion, of which the Saudi contribution exceeds $5.7 billion.