Arab News, Tuesday, Jun 06, 2023 | Thul-Qidah 17, 1444
Saudi Arabia, Egypt sign MoU to bolster bilateral trade
Saudi Arabia:
Bilateral trade between Saudi Arabia and Egypt is set to grow after an agreement
was reached to enhance economic cooperation — with a key focus on developing the
non-oil export sector.
A memorandum of understanding has been signed by
the Saudi Export Development Authority and Egypt’s Export Development Authority,
the Saudi Press Agency reported.
The agreement falls within the framework of the
two countries’ commitment to bolster economic and trade cooperation while
developing non-oil export sectors to further diversify sources of income.
The MoU was signed on the sidelines of the
official visit of Saudi Minister of Industry and Mineral Resources Bandar
Alkhorayef to Egypt.
Abdulrahman Al-Thukair, CEO of the Saudi Export
Development Authority, and Egypt’s Minister of Plenipotentiary Trade Yahya
Al-Wathiq Billah inked the agreement.
Under the new MoU, the countries will collaborate
across broad areas including the exchange of experiences and knowledge in the
field of developing exports as well as cooperation around relevant research and
studies, Al-Thukair explained.
In addition to this, the two countries will also
provide technical support and consultations in the fields of export and
international marketing, the CEO said.
The Kingdom and Egypt will work together closely
in the organization of joint events, as well as seminars, to enhance
communication and exchange of experiences between companies and exporters in the
two countries, he added.
Furthermore, the MoU reflects the commitment of
the two parties to strengthen bilateral cooperation and joint action in order to
achieve the goals of development and sustainability in the field of exports.
Through this MoU, the Saudi authority aims to
expand the scope of local producers and exporters in line with the Vision 2030
goal of raising the proportion of exports to no less than 50 percent of the
Kingdom’s non-oil gross domestic product.