Egyptian-Saudi strategic economic cooperation could lead the countries to the European and international markets, Minister of Supply and Internal Trade Khaled Hanafy said, in light of the Saudi Arabian King’s visit to Egypt.
Hanafy’s comments came during his speech at the sixth Saudi-Egyptian Coordination Council meeting.
Minister of Trade and Industry Tarek Qabil added that the strategic relations between the two countries are a model for bilateral relations. Qabil encouraged Saudi companies to invest in Egypt.
King Salman bin Abdulaziz Al Saud will meet with Egyptian President Abdel Fattah Al-Sisi to discuss the economic relations between the two countries and the global and regional political affairs. Saudi King Salman is scheduled to visit Cairo for five days, marking his first official visit since being anointed.
Egypt and Saudi Arabia formed a coordination council after the Saudi monarch announced that his country will allocate investments worth SAR 30bn to Cairo in December 2015. The Saudi-Egyptian Coordination Council has met five times in Cairo and Riyadh. However, the parties have not signed an agreement pertaining to any projects.
State television reported that 66 cooperation agreements will be signed during the Saudi Arabian King’s visit. A source from the Egyptian cabinet said Egypt will press for more investment from Saudi Arabia during the council meeting.
The volume of Saudi investments in Egypt totals $6bn while the volume of Egyptian investments in Saudi Arabia records $2.5bn.