Saudi Arabia and Egypt continue to take important steps towards deepening their industrial and economic cooperation at the Saudi-Egyptian Industrial Forum in Riyadh. On the second day of the forum, it was announced that economic relations between the two countries strengthened and many industrial agreements were signed. Ayman El-Ashry, Chairman of the Cairo Chamber of Commerce, stated that the meetings allowed for concrete steps to be taken to further strengthen economic cooperation. Meetings with Saudi Arabia's Minister of Industry and Mineral Resources Bandar Al-Khorayef and other officials led to the signing of strategic agreements to increase industrial investment.
At the forum, significant progress was made, especially in the areas of production partnerships, technology sharing and the expansion of production lines. Al-Ashry Steel Group's role in the production and export of specialty steel from Egypt and the Middle East will become increasingly prominent in the Saudi Arabian market. These agreements aim to increase export activities and create new collaborations in the industrial sector. Thus, the economic activities of both countries will be made more efficient.
The forum was an important platform for strengthening industrial integration between Arab countries. El-Ashry stated that the two countries are acting in determined cooperation to achieve their long-term economic goals and that these agreements will lead to a tangible trade and industrial transformation. He also emphasized that Saudi Arabia and Egypt's industrial partnerships will contribute to broader integration in the Arab world.
Minister Al-Khorayef announced that the Saudi Export-Import Bank has completed transactions worth SR 1.3 billion (USD 346.5 million), emphasizing the importance of industrial integration with Egypt. He stated that this cooperation covers different fields such as industry, mining, trade, supply chains and human resources. Opportunities in strategic sectors such as pharmaceuticals, automotive, construction materials, textiles and food should also be seized. The forum offered important opportunities to consolidate economic ties between the two countries and enable new projects.
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