Saudi Arabia's Minister Of Industry Concludes Visit To Egypt To Strengthen Economic Ties

Minister of Industry and Mineral Resources Bandar Alkhorayef recently completed an official visit to Egypt. The trip aimed to strengthen economic ties and foster cooperation in the industrial and mining sectors between Saudi Arabia and Egypt. Discussions focused on joint investments, particularly in strategic areas like food and pharmaceuticals.

During his visit, Alkhorayef held meetings with several Egyptian officials. These included Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Lieutenant General Kamel Al-Wazir, among others. The discussions emphasized enhancing industrial integration in food and drug security, the automotive industry, and localizing the pharmaceutical industry within Saudi Arabia.

The meetings highlighted the importance of establishing the Saudi-Egyptian Supreme Coordination Council. This council aims to boost joint investments and trade volumes by encouraging private sector engagement in both countries' unique investment opportunities. The agreement for the encouragement and reciprocal protection of investments was praised for its role in this effort.

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil Ibrahim Ibn Salamah also participated in the visit. He met with the Chairman of the Federation of Egyptian Industries and toured various food and pharmaceutical companies, including Minapharm Pharmaceuticals and EVA Pharma. These interactions explored mutual opportunities in food, pharmaceutical, and biotechnology sectors.

Before the visit, preparatory meetings were held along with technical team visits from both countries. These efforts identified pathways for industrial integration focusing on supply chains, advanced manufacturing, workforce development, and addressing export challenges.

Discussions also revolved around activating agreements and memoranda of understanding signed between Saudi Arabia and Egypt. The aim is to develop a skilled workforce in the industrial sector through these agreements.

The visit underscored a commitment to strengthening bilateral relations through strategic partnerships in key sectors. By focusing on joint investments in food security, pharmaceuticals, and other industries, both nations aim to enhance their economic collaboration significantly.

With inputs from SPA