Saudi-Egyptian Industrial Forum Kicks Off in Riyadh
Today, the Saudi-Egyptian Industrial Forum commenced in Riyadh, under the esteemed patronage of His Excellency Bandar bin Ibrahim Al-Khreef, the Minister of Industry and Mineral Resources. The forum is designed to bolster strategic cooperation in the industrial sector and promote pathways for industrial integration between Saudi Arabia and Egypt. Among those present were His Excellency Khaleel bin Salamah, the Deputy Minister for Industrial Affairs, and Abdulrahman Al-Dukair, the Chief Executive Officer of the Saudi Export Development Authority. The event witnessed the participation of approximately 300 leaders from both Saudi and Egyptian industries and investors and was organized collaboratively by the Saudi Chambers Federation and the Federation of Egyptian Industries.
Emphasis on Economic Cooperation
In his address during the forum, Khaleel bin Salamah underscored the significance of enhancing economic cooperation and industrial integration between the two nations. He highlighted the necessity of fostering industrial partnerships across five priority sectors that are integral to Saudi Arabia’s National Industrial Strategy. These sectors include pharmaceuticals, automotive manufacturing, building materials, textiles, and food production. He remarked on the transformative potential of strategic integration through various industrial initiatives, including "Made in Saudi," "Factories of the Future," and "Made in Egypt." Additionally, he urged Egyptian industrialists to seize the investment opportunities in Saudi Arabia, especially in light of the Kingdom’s ambitious plans to establish 24,000 new factories over the next decade.
A Critical Milestone in Bilateral Relations
Hassan bin Ma’jeb Al-Huwaizi, the President of the Saudi Chambers Federation, described the forum as a pivotal milestone in the trajectory of industrial cooperation between Saudi Arabia and Egypt. He reiterated that the economic relations between the two countries are founded on a strategic partnership that spans multiple sectors, with a particular focus on the industrial domain.
Adding to this perspective, Mohamed Zaki El-Suwaidi, the President of the Federation of Egyptian Industries, emphasized that the current global challenges necessitate a swift completion of industrial integration between the two nations. He highlighted the importance of reinforcing the Saudi-Egyptian partnership in order to penetrate the African market and capitalize on the various opportunities available.
A Vision for the Future
The forum not only signifies a step forward in bilateral industrial relations but also illustrates a commitment to collaborative endeavors that could lead to substantial economic benefits for both nations. The emphasis on targeted sectors indicates a strategic approach to develop competitive advantages while fostering innovation and sustainability within their respective industries.
With the overarching goal of tackling contemporary economic challenges, the Saudi-Egyptian Industrial Forum serves as a catalyst for enhanced cooperation and mutual growth. Both nations recognize the significant potential in working together to create more robust industrial frameworks, thereby positioning themselves for success in an increasingly interconnected global economy.
As this event unfolds, the ongoing dialogue between Saudi and Egyptian industrial leaders is expected to foster meaningful partnerships, drive investments, and ultimately contribute to the overall economic prosperity of both countries. The future of this industrial collaboration holds promise not only for Saudi Arabia and Egypt but for the broader region, particularly as they seek to leverage their combined resources and capabilities.
In conclusion, the Saudi-Egyptian Industrial Forum stands as a testament to the shared vision of economic prosperity and industrial advancement, promising a future where strategic partnerships can flourish in the face of global challenges. The commitment shown at this forum is an encouraging sign for both nations as they embark on this journey towards enhanced industrial cooperation.
