Cairo (UNA-OIC) – Saudi Arabia’s Minister of Commerce and Acting Minister of Media Dr. Majid bin Abdullah Al-Qasabi called on Saudi and Egyptian investors to take advantage of opportunities made available by the economies of the two countries.
Addressing the Saudi-Egyptian Business Council session held here on Monday, Al-Qasabi 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 fallouts.
These challenges, he elaborated, made it exigent for the governments to double their efforts to continue with overtures, in order to lay the ground for an appropriate commercial and investment environment for the investors taking advantage of the recovery and the expansion the global markets are experiencing.
Al-Qasabi, who is leading the Saudi delegation to the meetings of the 17th session of the Joint Saudi-Egyptian Council, pointed out that the bilateral volume of trade reached as much as $8 billion, a 15 percent decrease, compared to 2019, due to the pandemic impacts.
He noted that the Saudi investments were the second largest among the investors from the Arab world in Egypt, while Egypt was the second-largest country in terms of obtaining investment licenses in the Kingdom in 2020.
The Saudi minister commended the role played by the private sectors in the two countries, describing them as pivotal partners in the realization of development plans and projects.