CAIRO, 25 March 2022, (TON): Egyptian Minister of Trade and Industry Nevin Gamea said “the work of the Egyptian-Saudi Joint Committee has helped to boost the value of trade exchange between the two countries, which rose during 2021 to a record high of $8.02 billion.”

During a meeting in Riyadh yesterday with her Saudi counterpart, Maged Al-Qasabi, and a working group tasked with following up on the implementation of recommendations made by a ministerial-level meeting of the joint committee in Cairo last June, Gamea stressed the importance of putting those recommendations into practice.

She added “Egypt has adopted a modern system of legislative rules and infrastructure to support global, commercial, industrial and investment development, and noted that her country appreciates the status, components and economic potential of its relationship with Saudi Arabia.”

She further added that the location of both countries on key international shipping routes gives them the opportunity to expand commercial and economic partnerships and open up new markets in countries around the world.

The joint committee also emphasized the importance of facilitating trade exchange and increasing joint investment and industrial projects. Gamea pointed out that contracts for an electricity interconnection project that will allow Egypt and the Kingdom to share power had been agreed and awarded on schedule.