Egypt’s Prime Minister Mostafa Madbouly expressed Egypt’s support for Saudi Arabia’s preparations for the 2034 FIFA World Cup during a recent meeting with Saudi Minister Alkhorayef. They discussed boosting industrial collaboration and investments between the two nations, emphasizing opportunities in petroleum, mining, and other sectors. Both officials highlighted their commitment to resolving investor challenges and enhancing bilateral trade relations.
On Monday, Prime Minister Mostafa Madbouly of Egypt convened with Bandar Ibrahim Alkhorayef, Saudi Minister of Industry and Mineral Resources, to enhance collaboration between the two nations in industrial and mining sectors. Madbouly reaffirmed Egypt’s readiness to assist Saudi Arabia in hosting the 2034 FIFA World Cup, stating that “All Egyptian companies will be fully prepared to participate in the various projects and works…”. This commitment signifies Egypt’s effort to contribute significantly to the event’s success.
Madbouly also expressed optimism that the newly established Egyptian-Saudi Higher Coordination Council would facilitate an increase in Saudi investments in Egypt. He articulated that this would lead to diverse joint projects, particularly in industrial and mining sectors, thereby strengthening the economic ties between the two countries. He remarked, “Egypt offers a wealth of promising investment opportunities in the industrial sector, from which Saudi companies can greatly benefit.”
Additionally, the Prime Minister highlighted the existing cooperation in the petroleum and mining domains and emphasized the potential for future collaborations in mineral exploration, especially gold mining, with Saudi businesses already operating in Egypt. He extended an invitation to Saudi investors to seize opportunities in Egypt’s oil, gas, and petrochemical sectors, acknowledging Saudi Arabia’s proficiency in these fields.
Madbouly assured a supportive investment climate, expressing the Egyptian government’s dedication to resolving challenges faced by Saudi investors, stating, “The Egyptian government is dedicated to addressing any issues encountered by Saudi investors in Egypt.”
In response, Minister Alkhorayef reiterated Saudi Arabia’s commitment to deepen ties with Egypt. He hailed the establishment of the Higher Coordination Council and a mutual investment protection agreement, which he believes will propel joint investments and commerce between the countries. He stated, “…the agreement sends a strong message to the private sectors in both nations, encouraging greater investment flows.”
Both officials recognized significant interests from Saudi businesses in Egypt and identified sectors such as petrochemicals, pharmaceuticals, and automotive industries for future collaboration. They also discussed the resolution of issues affecting Saudi investors and the supportive measures undertaken by the Egyptian government. The meeting marked a significant stride towards strengthening industrial cooperation and enhancing bilateral trade and investment across various sectors.
The recent meeting between Egyptian Prime Minister Mostafa Madbouly and Saudi Minister Bandar Ibrahim Alkhorayef underscores the growing partnership between Egypt and Saudi Arabia, particularly in preparation for major international events such as the FIFA World Cup. Both nations aim to bolster their industrial collaboration and expand investments, leveraging Egypt’s strategic location and economic agreements to enhance trade relations. The establishment of the Egyptian-Saudi Higher Coordination Council is a pivotal development aimed at fostering joint projects in key sectors, including mining and petroleum, while addressing challenges faced by investors.
In conclusion, the discussions between Prime Minister Madbouly and Minister Alkhorayef symbolize a commitment from both Egypt and Saudi Arabia to deepen their economic and industrial cooperation. With explicit agreements in place and a focus on resolving investor challenges, both countries are poised to benefit from enhanced bilateral trade and collaborative projects across multiple sectors, especially in light of Saudi Arabia hosting the upcoming FIFA World Cup.
Original Source: www.dailynewsegypt.com
