RIYADH: Saudi Arabia and Egypt are advancing efforts to strengthen their industrial and economic partnership, as officials emphasized the importance of trade facilitation, industrial integration, and government-backed support.
Speaking at the Saudi-Egyptian Industrial Forum in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the Saudi Export-Import Bank has completed SR1.3 billion ($346.5 million) in operations, highlighting the strong bilateral relationship between the two nations.
“The industrial strategy emphasizes the importance of industrial integration with other countries, especially Egypt,” he stated, noting that cooperation pathways include industry, mining, and trade, as well as supply chains, human resources, research, and innovation.
He highlighted the vital role of government agencies in supporting exporters and importers from both countries.
Bandar Al-Ameri, chairman of the Saudi-Egyptian Business Council, highlighted that trade between the Kingdom and Egypt increased by 28 percent in 2024, citing the strengthening economic partnership between the business communities of the two nations.
Al-Ameri pointed to the signing of a bilateral investment protection agreement as a strategic achievement and emphasized Egypt’s role as a major economic partner and gateway to African markets.
Hassan Al-Hwaizy, chairman of the Federation of Saudi Chambers, welcomed the Egyptian delegation, stating that Saudi-Egyptian economic relations are based on genuine partnership rather than figures alone.
He called for enhancing cooperation in industry and trade and encouraged the establishment of joint projects, specifically to serve African markets.
Vice Minister of Industry and Mineral Resources for Industrial Affairs Khalil Ibn Salamah explained that the industrial partnership focuses on five strategic sectors, including pharmaceuticals, automotive, construction materials, textiles, and food industries.
He emphasized the strategic alignment between the industrial initiatives of both countries and urged Egyptian manufacturers to seize the opportunities available in the Saudi market, noting the Kingdom’s target to establish 24,000 new factories over the next decade.
The Saudi-Egyptian Industrial Forum, held in Riyadh under the patronage of the Saudi Minister of Industry and Mineral Resources, gathered more than 300 leaders and investors from the Saudi and Egyptian industrial sectors.
Organized by the Federation of Saudi Chambers in cooperation with the Federation of Egyptian Industries, the forum focused on strengthening strategic cooperation and promoting pathways for industrial integration.
The event also showcased available investment opportunities in priority sectors under the Kingdom’s National Industrial Strategy, emphasizing the growing Saudi-Egyptian industrial base, which aims to expand investments in the pharmaceutical, automotive, construction materials, textiles, and food industries.
