RIYADH: Boosting pharmaceutical ties was the centerpiece of a visit by leading Saudi ministers to Egypt as the two countries sought to enhance industrial cooperation and explore investment opportunities.
The Kingdom’s Minister of Industry Bandar Alkhorayef traveled to the north African country on Dec. 15, with a focus on boosting collaboration in the industrial and mining sectors while identifying mutual opportunities in areas such as food and pharmaceuticals, according to a statement.
He was joined by Deputy Minister Khalil bin Salamah, Saudi Export-Import Bank CEO Saad Al-Khalb, and Saudi Export Development Authority CEO Abdulrahman bin Sulaiman Al-Thukair.
During the visit, Alkhorayef met with senior Egyptian officials and major private sector leaders to highlight Saudi Arabia’s competitive investment environment, incentives for investors, and strategic industrial priorities, the Saudi Press Agency reported.
The official visit aims to strengthen the countries’ strategic partnership. In 2023, Saudi Arabia’s non-oil exports to Egypt amounted to SR9.9 billion ($2.6 billion), while non-oil imports from Egypt totaled SR9.6 billion.
A key highlight of the trip was a tour of Almarai’s “Beyti” factory in Beheira Governorate, where Alkhorayef reviewed its role in local community development and supply chain localization. He also visited several pharmaceutical facilities to gain insights into Egypt’s manufacturing expertise.
Bin Salamah held bilateral talks with Mohamed Zaki El-Sewedy, chairman of Egypt’s Federation of Industries, with the discussions focused on encouraging the private sector to capitalize on available industrial investment opportunities across both countries.
The deputy minister also met with executives from leading pharmaceutical companies, including Minapharm, to discuss localizing medical industries in Saudi Arabia and exploring potential collaboration in biopharmaceutical manufacturing.
He also held talks with officials from Eva Pharma around opportunities in generic pharmaceutical production and veterinary vaccines.
Additionally, there were discussions with the chairman of Medical Union Pharma regarding the integration of active pharmaceutical ingredients in the Saudi market, with a focus on both chemical and biological components.
Moreover, Bin Salamah met with the chairman of the British Egyptian Co. for General Development, also known as Galina, to explore potential investment opportunities in Saudi Arabia and discuss the growth of the frozen and packaged fruits and vegetables trade.
The meeting also emphasized leveraging Industry 4.0 technologies to boost productivity in both nations’ industrial sectors.
