Dr. Majid Bin Abdullah Al-Qasabi, Minister of Commerce and Acting Minister of Media declared that the Kingdom of Saudi Arabia intends to become the Arab Republic of Egypt's primary commercial partner over the next five years and to deepen and leverage all neighborhood links to support this trend.

Dr. Al-Qasabi said he was honored to be in Egypt to convey the greetings of the Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, deputy prime minister and minister of defence to the Egyptian leadership and its residents, in a joint press conference with Egyptian Minister of Trade and Industry Nevine Gamea at the climax of the 17th session of the Saudi-Egyptian Joint Committee here.

He cited the Custodian of the Two Holy Mosques' directions to concentrate on establishing economic connections in a way that represents the ambitions of the two governments and citizens.

The minister stated that 6,285 Saudi companies are operating in Egypt with investments surpassing $30 billion but there are many possibilities for investment in Egypt, gesturing out there were 285 brands and also more than 518 Egyptian businesses operating in various fields in the Saudi markets.

“There is almost no doubt that the investment is the result of an appealing investment environment and promising possibilities, which we have seen today from Egyptian Minister of Trade and Industry Nevine Gamea, and we have discovered that there is indeed a sincerity in erasing all problems facing investors,” Al-Qasabi said in his statement following the signing of the minutes of its meeting.

He went on to say that there are new and interesting prospects for Saudi and Egyptian businessmen, as well as new and potential investments for the Saudi government in Egypt.

Gamea stated that Egyptian President Abdel Fattah El-Sisi urged her to take all efforts to remove any obstacles to trade and economic development between Egypt and the Kingdom of Saudi Arabia.

The Egyptian minister stated her desire to continue joint meetings between the two nations owing to the favorable outcomes for both parties, especially after the joint sessions were forced to halt last year owing to the coronavirus outbreak.