Saudi-Egyptian Industrial Forum Kicks Off in Riyadh: A New Era of Strategic Collaboration
Today, Riyadh hosted the opening of the Saudi-Egyptian Industrial Forum, overseen by His Excellency Bandar bin Ibrahim Al-Khurif, the Minister of Industry and Mineral Resources. This significant event aimed to bolster strategic collaboration in the industrial sector and facilitate industrial integration between the two countries. The forum was attended by His Excellency Khalil bin Salama, Deputy Minister for Industry, and Abdulrahman Al-Dkheer, the CEO of the Saudi Export Development Authority.
The forum witnessed the participation of around 300 leaders in industry and investors from both Saudi Arabia and Egypt, organized by the Saudi Chambers Federation in collaboration with the Federation of Egyptian Industries.
In his address, Khalil bin Salama emphasized the necessity of enhancing economic cooperation and industrial integration between the Kingdom and Egypt. He stressed the importance of industrial partnerships in five key sectors that are prioritized within Saudi Arabia’s National Industrial Strategy. These sectors include pharmaceuticals, automotive manufacturing, construction materials, textiles, and food industries.
Salama noted the transformative stride in strategic integration between the two nations through several industrial programs, such as "Made in Saudi Arabia," "Factories of the Future," and "Made in Egypt." He invited Egyptian industrialists to seize investment opportunities within Saudi Arabia, particularly amid ambitious plans to establish 24,000 new factories over the next decade.
Hassan bin Mujahed Al-Huwizi, President of the Saudi Chambers Federation, characterized the forum as a pivotal step in advancing industrial cooperation between the countries. He highlighted that the economic ties between Saudi Arabia and Egypt are founded on a strategic partnership spanning various sectors, especially in industry.
From a complementary perspective, Mohamed Zaki El-Suwaidi, President of the Federation of Egyptian Industries, remarked that current global challenges necessitate a swift move towards industrial integration between the two nations. He underscored that strengthening the Saudi-Egyptian partnership is vital for entering the African market and leveraging available opportunities.
Bander bin Mohammed Al-Amri, Head of the Saudi-Egyptian Business Council, pointed out that the trade volume between Saudi Arabia and Egypt has witnessed significant growth in recent years, accompanied by the development of economic partnerships between the business communities of both nations. He noted that the recent signing of an agreement for the protection and encouragement of mutual investments represents a strategic achievement benefiting shared interests.
The forum provided a platform for showcasing the investment opportunities available in priority sectors of Saudi Arabia’s National Industrial Strategy. It confirmed the commitment to enhancing Saudi-Egyptian industrial partnership and integration, particularly given the robust industrial base that both countries possess in sectors where they aim to increase industrial investments.
This initiative not only highlights the ambitions of both nations to elevate their industrial capabilities but also signals a collaborative approach to economic challenges faced globally. The Saudi-Egyptian Industrial Forum stands as a testament to the commitment to reinforce bilateral relations and exploit the vast potential for cooperation in the industrial sector, paving the way for future growth and prosperity within the region.
