The total volume of commodity trade between Egypt and Saudi Arabia during 2017 amounted to about EGP 3bn, according to Egyptian Minister of Trade and Industry Tarek Kabil.
Kabil noted that Saudi Arabia was among the largest Arab countries investing in the Egyptian market in 2017 with a total of $6.3bn invested in 4,274 projects where Saudi money accounted for 22% of the total Arab investments in Egypt, while Egyptian investments in the Saudi market amounted to about $1.1bn in 1,043 projects.
The minister pointed out that the efforts of coordination and continuous consultation between the two governments have positively reflected on the movement of intra-trade, which he said is witnessing remarkable growth.
While heading the Egyptian delegation to the 16th session of the joint Egyptian-Saudi ministerial committee which is being held in Riyadh, Kabil said that the current period is witnessing unprecedented international economic and trade changes that require more cooperation, planning, and joint action between Egypt and the kingdom.
He pointed out the need to find effective mechanisms to remove all obstacles that may face joint economic cooperation and launch new initiatives that achieve further progress in Egyptian-Saudi relations in all fields.