The Minister of Commerce and acting Minister of Media of the Kingdom of Saudi Arabia Dr. Majid bin Abdullah Al-Qasabi called on Saudi as well as Egyptian investors to take advantage of opportunities furnished by the two countries' economies. Addressing the Saudi-Egyptian Business Council session held here today, he explained that the challenges lying ahead, are not on the regional stage only, but are also on the world stage, due to the coronavirus outbreak and its economic fallouts. These challenges, he elaborated, made it exigent on the governments to double their efforts exerted to continue with overture, in order to lay the ground for appropriate commercial and investing environment for the investors taking advantage of the recovery and the expansion the world markets are experiencing. Al-Qasabi, who is leading the Saudi side to the meetings of the 17th session of the Joint Saudi-Egyptian Council, pointed out that the bilateral volume of trade reached as much as $8 billion, a 15% decrease compared to 2019, due to the pandemic impacts. The Kingdom of Saudi Arabia is the second largest investor, in Egypt, with a toll of over $6 billion, while Egypt, for its part, was the second largest country in obtaining investment licenses, in the Kingdom in 2020, with as many as 160 licenses secured and a $1.4 billion, in terms of investments, by the end of 2020. He concluded by lauding the role played by the private sectors, in the two countries, pointing to them as pivotal partners in realizing development plans and projects, as well.
