Saudi Arabia signed two memoranda of understanding (MoU) with Egyptian entities during a visit by the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, to Egypt on Sunday.
The first MoU was signed between the Egyptian and Saudi export development authorities to boost cooperation on non-oil exports, according to a cabinet statement.
The Saudi National Industrial Development Centre signed another protocol with Valeo Egypt, the software development arm of French automotive supplier Valeo on developing the auto industry.
Alkhorayef is visiting Cairo 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, said Egyptian Minister of Trade and Industry Ahmed Samir.
The meetings with Alkhorayef also explore opportunities for cooperation in industrial projects, Samir added.
Alkhorayef said: “The trade between both countries is witnessing growth, but the aspirations of the leadership are much bigger.”
Trade exchange between Egypt and Saudi Arabia increased by 13.5 percent in 2022 reaching $10.3 billion, up from $9.1 billion in 2021, according to official data.
Saudi investments in Egypt increased 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.
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