Egypt and Saudi Arabia: an agreement to strengthen the economic partnership between the two countries

The Arab Republic of Egypt and the Kingdom of Saudi Arabia have agreed to strengthen the economic, investment and trade partnership between the two countries, and move it to broader horizons to live up to the strength of the historical and strategic relationship between them by achieving integration between the opportunities available through the vision of the Kingdom of Saudi Arabia 2030 and the vision of the Arab Republic of Egypt 2030.

This came in a final statement issued by the Egyptian Presidency at the conclusion of the visit of Prince Muhammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense of the Kingdom of Saudi Arabia, to Cairo yesterday.

The two sides affirmed their determination to increase the pace of investment cooperation and trade exchange and stimulate partnerships between the private sector in the two countries, and concerted efforts to create a fertile and stimulating investment environment that supports a number of targeted sectors, including tourism, energy, health care, transportation, logistics, communications and information technology. real estate development, and agriculture.

The two sides welcomed the huge investment and trade deals and agreements announced between the private sectors in the two countries, amounting to $8 billion, equal to about 30 billion Saudi riyals, and approximately 145 billion Egyptian pounds, during the visit of Prince Mohammed bin Salman. It was also announced that the Kingdom of Saudi Arabia intends to lead Investments in Egypt amounting to 30 billion dollars.

The two sides also announced, regarding cooperation between them in the field of renewable energy generation, the implementation of an electric power project with a capacity of 10 gigawatts through ACWA Power.

The two sides praised the volume of intra-trade between the two brotherly countries, which reflects the depth and sustainability of economic relations between the Kingdom of Saudi Arabia and the Arab Republic of Egypt.

The two sides agreed to continue coordination and cooperation in the field of marine environment protection, and to enhance trade exchange between the two countries, especially in the field of agricultural products, in accordance with the conditions agreed upon between the two countries.

The two sides affirmed their determination to complete the negotiations of an agreement to protect and encourage investment, sign and ratify it by both sides as soon as possible, within the framework of their common concern to provide a safe investment environment and to provide laws that stimulate and attract investment in them.

In the field of environment and climate change, and based on the role of the Kingdom of Saudi Arabia in facing the challenges of climate change and preserving the environment and supporting the Arab Republic of Egypt in hosting the session of the Conference of the Parties to the United Nations Framework Convention on Climate Change COP27;

The two sides agreed that the Green Middle East Initiative summit and the Saudi Green Initiative forum will be held during the period of the Conference of Parties on Climate Change in Sharm El Sheikh.

On the health and educational aspects, the two sides expressed their aspiration to enhance cooperation in the health field, and affirmed their keenness to support global initiatives to confront current and future health risks and challenges.

The two sides welcomed the raising of the level of scientific and educational cooperation between the two countries.

The two sides called for raising the level of cooperation in the fields of higher education, research and innovation, and encouraging universities, scientific institutions and research centers in the two countries to enhance research cooperation in areas of common interest.

In the political matter, the two sides affirmed their determination to enhance cooperation on all political issues and seek to formulate common positions that preserve their security and stability, and the importance of continued coordination and consultation regarding developments and developments in all bilateral and multilateral forums, in a way that contributes to achieving security, stability and prosperity in the two brotherly countries and the region. .

For its part, the Egyptian side expressed its full solidarity with the Kingdom of Saudi Arabia in all the measures it takes to protect its national security, and stressed its rejection of any attacks on the territory of the Kingdom of Saudi Arabia, stressing that the security of the two countries is indivisible.

On the security front, the two sides praised the level of security cooperation and coordination between the two countries, and expressed their desire to enhance this in order to achieve security and stability for the two brotherly countries.

The two sides commended their efforts in the field of combating terrorism and its financing, and their joint efforts within the framework of the International Center for Targeting the Financing of Terrorism.

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