Egypt, Saudi Arabia to launch industrial coop

Trade Minister Tarek Qabil said on Tuesday that coordination is underway between Egyptian and Saudi governments to formulate a joint industrial cooperation strategy aiming at achieving integration between the industrial sectors of the two countries.

Qabil made the remarks during his meeting with Saudi Minister of Trade and Investment Majid bin Abdullah al Qasabi on the sidelines of the World Trade Organization ministerial consultative meeting, currently taking place in Marrakesh.

They tackled means of activating economic cooperation in the coming period, a statement issued by the Ministry of Trade said.

Egyptian-Saudi relations are historic and deeply-rooted at both the political and economic levels, Qabil said.

Tuesday's meeting highlighted the necessity of improving the business climate through activating the role of the Egyptian-Saudi business council.

Qabil pointed out to steps taken by Egyptian government to lure more Arab and foreign investments, saying that Saudi Arabia is the biggest Arab investor in Egypt with investments surpassing dollars six billion.

The trade exchange between the two Arab counties stood at dollars 4.279 billion in 2016, Qabil noted.

Meanwhile, the Saudi minister underscored his country's keenness on bolstering trade and industrial cooperation with Egypt.