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Egyptian Planning Minister discusses ways to enhance future cooperation with Saudi Arabia

CAIRO: Dr. Hala Al-Saeed, Egyptian Minister of Planning and Economic Development, discussed ways to enhance future cooperation between her country and Saudi Arabia with Dr. Majid bin Abdullah Al-Qasabi, Saudi Minister of trade, on the sidelines of the meetings of the Governing Council of the Arab-African Trade Bridges Programme.

Al-Saeed stressed his keenness to consolidate the relations between the Egyptian and Saudi business communities and to strengthen the economic relations between the two countries in various fields, especially the commercial, industrial and investment fields.

During the meeting, she referred to the recent signing of a draft agreement between the two countries regarding the Saudi Public Investment Fund investing in Egypt. She underlined the importance of this agreement to support the relations between the two countries and to speed up the completion of procedures related to investment in Egypt through the PIF.

Al-Saeed reviewed the most important opportunities and areas to develop relations, as well as mechanisms to convert obstacles into investment opportunities in light of the COVID-19 pandemic and its economic repercussions.

She highlighted what has been done in recent years to enact a set of laws and institutional reforms in Egypt to simplify procedures for setting up projects and encourage the private sector and local and foreign investment.

Al-Qasabi said that Egypt and Saudi Arabia have historical relations and are united by brotherhood, closeness and Arabism, adding that during his visit to Egypt, he witnessed a movement of unprecedented development, saying that this approach reflects a culture of interaction and hope for investors.

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