Egypt’s PM expresses a strong desire to enhance trade with Saudi Arabia

CAIRO – 15 September 2024: Egyptian Prime Minister Mostafa Madbouly met with Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi on his first day in Riyadh to discuss joint cooperation.

The meeting included Ahmed Kouchouk, Minister of Finance; Eng. Hassan Al-Khatib, Minister of Investment and Foreign Trade; Ambassador Ahmed Farouk, Egyptian Ambassador to Riyadh; and Ambassador Saleh bin Eid Al-Hussaini, Saudi Ambassador to Egypt.

Madbouly expressed a strong desire to enhance trade between the two nations and thanked the Saudi Minister for his valuable proposals to advance trade and investment relations. He highlighted Egypt's efforts to address issues faced by Saudi investors and emphasized the government's focus on attracting more Saudi investments, including through incentives like the "golden license."

The Prime Minister also discussed recent economic reforms and new tax policies aimed at resolving tax disputes and easing procedural complexities. While acknowledging Egypt's progress in overcoming economic challenges, he noted ongoing difficulties due to regional developments.

Minister Al-Qasabi emphasized the strategic nature of Egypt-Saudi relations and the importance of reducing bureaucracy to improve the investment climate. He praised Egypt's investment potential and stressed the need to market these opportunities effectively, particularly in industry, agriculture, and real estate. He also commended the North Coast region's development.

Al-Qasabi reiterated the Kingdom's commitment to strengthening ties with Egypt, as directed by Crown Prince Mohammed bin Salman, and appreciated the Egyptian government's reform efforts. Eng. Al-Khatib promised to work with Saudi counterparts to resolve investment barriers and enhance trade. Al-Qasabi committed to maintaining communication to address any issues hindering trade and investment growth.