Egypt, Saudi Arabia ink deals for industrial cooperation
Egypt and Saudi Arabia signed Sunday two deals for industrial cooperation covering non-oil exports and auto industry, Ahram Online reports.
The first Memorandum of understanding (MoU) involved the export authorities of both countries to boost cooperation on non-oil exports. The second deal is signed between Saudi National Industrial Development Centre and Egyptian consumer finance company (valU) to develop the auto industry.
Both deals were signed during the visit of the kingdom’s minister of Industry and Mineral Resources, Bandar Alkhorayef. The Saudi top official came to the North African country to discuss all aspects of economic cooperation between Saudi Arabia and Egypt. And the impact of the global economic crisis on the two Arab nations, the Egyptian minister of Trade and Industry Ahmed Samir indicated.
Per official data, trade between the two allies increased by 13.5 percent in 2022 reaching $10.3 billion, up from $9.1 billion in 2021. Saudi Arabia, a major investor in Egypt, has seen its investments increase from $325.3 million in the fiscal year 2020/21 to $491.6 million in the fiscal year 2021/22 – a 51.5 percent increase.