Minister of Commerce and Investment Dr. Majid bin Abdullah Al-Qassabi took part in the Egyptian-Saudi Business meetings, here today, in the presence of the Egyptian Minister of Electricity and Renewable Energy Dr. Mohamed Shaker Dr. Al-Qassabi praised the visit of HRH Crown Prince to the Arab Republic of Egypt, asserting that it embodies historical relation between the two countries, built on strong foundations and close partnership for almost 100 years. Directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH the Crown Prince assured them that Egypt is a strong strategic partner and that every effort should be made to achieve partnership between the two countries, through improving relations and investments and increasing bilateral trade between the two countries. He pointed out that a joint committee of Saudi and Egyptian businessmen will be formed from the members of the Joint Business Council to hold a meeting with Egyptian Investment Minister Sahar Nasr and Egyptian Minister of Trade and Industry Amr Nassar, to discuss removing all obstacles and challenges facing investors. Volume of trade exchange between the two countries reached $7.3 billion, while the volume of direct Saudi investments, in Egypt, reached $3.4 billion. Number of Saudi companies, in Egypt, reached 5,000, reflecting the strength and depth of relations between the Kingdom and Egypt. On the other hand, Shaker said he was working with a Saudi company to set up a power plant with investments of up to $2 billion, calling on Saudi investors to invest in renewable energy production, in Egypt, generated from wind and solar energy plants.
