CAIRO: Saudi and Egyptian ministers and officials drew a road map for enhanced economic cooperation and trade between the two nations here on Saturday.
The members of the Saudi-Egypt Business Forum, in their final communiqué, called for measures that would facilitate the entry of new international companies, especially small and medium firms, in the Saudi and Egyptian markets. This should conform to World Trade Organization stipulations, the statement said.
The communiqué mentioned several sectors in which the two countries are expected to cooperate during the coming decade, including agriculture, food industries, renewable energy, mining, information technology, industrial and real estate.
The forum stated that the plan includes setting up an office to facilitate procedures for businesspeople and investors in the two countries, and to encourage research and scientific research programs with universities.
In addition, embassies would be drawn in to help facilitate trade and investment, and for Egypt to introduce measures that would reduce the difficulties faced by Saudi businesspeople who want to invest in the country.
There should also be a commitment by the two countries to the rules of the Grand Arab Free Trade Zone and the decisions of the socioeconomic council aimed at removing obstacles to trade exchanges.
An agreement was reached between Maaden Company and Egyptian firms in the field of mining to exchange expertise, technical visits, and localize technology in the pursuit of precious metals including gold. The Egyptian side will open the way for Maaden to sell products on Egyptian markets.
During the deliberations of the forum on Saturday, Minister of Commerce and Industry Tawfiq Al-Rabiah said that there were directives from Custodian of the Two Holy Mosques King Salman to open retail and wholesale markets in the Kingdom to more outside companies, under certain controls.
Meanwhile, during a meeting Saturday with the Egyptian Minister of Investment Daliya Khurshid in Cairo, Minister of Agriculture Abdul Rahman Al-Fadli discussed investment opportunities in farming in Egypt.
In another development, Water and Electricity Minister Abdullah Al-Hussayen held a meeting in Cairo with Egyptian Minister of Water Resources and Irrigation Muhammad Abdulati on a draft cooperation agreement on drilling wells and joint studies in saline water desalination.
Minister of Housing Majed Al-Huqail visited Saturday the headquarters of the Construction and Housing Bank. He was accompanied by Khaled Abbas, Egyptian assistant minister of housing for technical affairs, who briefed him on the Egyptian experience in housing.
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