Egyptian Prime Minister Mostafa Madbouly and Saudi Minister Bandar Alkhorayef met to discuss boosting cooperation in industrial and mining sectors, emphasizing Egypt’s readiness to support Saudi Arabia in hosting the 2034 FIFA World Cup. Madbouly expressed optimism about increasing Saudi investments in Egypt, highlighting opportunities across various sectors and the government’s commitment to assist investors.
On Monday, Egyptian Prime Minister Mostafa Madbouly convened with Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, in the New Administrative Capital to discuss strengthening bilateral cooperation in the industrial and mining domains. During the meeting, Prime Minister Madbouly reiterated Egypt’s commitment to support Saudi Arabia’s preparations for the 2034 FIFA World Cup, emphasizing that all Egyptian companies will be ready to engage in the necessary projects for this prestigious event.
In addition to World Cup preparations, Madbouly expressed optimism regarding the Egyptian-Saudi Higher Coordination Council, launched in October 2024, which he believes will lead to an increase in Saudi investments in Egypt. He highlighted the potential for various joint ventures in industrial and mining sectors that could further enhance collaboration between the two nations. Madbouly pointed out the abundance of attractive investment opportunities in Egypt’s industrial sector that could benefit Saudi firms, particularly due to Egypt’s network of free trade agreements and access to diverse markets.
The Prime Minister further commended the existing partnership in the petroleum and mining sectors, specifically citing the interest of Saudi investors in mineral exploration, particularly gold mining. He extended an invitation to Saudi investors to explore Egypt’s oil, gas, and petrochemical sectors, acknowledging Saudi Arabia’s significant expertise in these fields. Madbouly reassured investors of the Egyptian government’s commitment to resolving challenges faced by foreign investors, aiming to foster a conducive investment environment.
Minister Alkhorayef acknowledged the importance of the relations between the two countries, noting the favorable impact of the Egyptian-Saudi Higher Coordination Council and the mutual investment protection agreement, which should stimulate increased joint investments and trade. He expressed gratitude for the resolution of various concerns faced by Saudi investors and highlighted the shared vision for industrial integration, including key sectors such as petrochemicals, pharmaceuticals, and automotive industries. Notably, he also thanked the Egyptian government for their congratulations on Saudi Arabia winning the bid to host the 2034 FIFA World Cup.
This meeting signifies a pivotal advancement towards enhancing industrial collaboration between Egypt and Saudi Arabia, with both nations expressing their eagerness to bolster trade and investment across a multitude of sectors.
The meeting between Egyptian Prime Minister Mostafa Madbouly and Saudi Minister Bandar Ibrahim Alkhorayef is rooted in a broader context of strengthening bilateral relations between Egypt and Saudi Arabia. The ongoing efforts to enhance cooperation in various economic sectors, including mining and petroleum, reflect both countries’ commitment to fostering mutual investments. The establishment of the Egyptian-Saudi Higher Coordination Council aims to promote collaboration and effective dialogue on economic initiatives, with the upcoming 2034 FIFA World Cup presenting a significant opportunity for Egypt to contribute to Saudi Arabia’s preparations.
In summary, the discussions between Prime Minister Madbouly and Minister Alkhorayef underscore the shared commitment of Egypt and Saudi Arabia to enhance their economic partnership through increased investments and cooperation in various sectors. Madbouly’s assurances regarding support for the FIFA World Cup preparations along with the emphasis on addressing investor concerns highlight the eagerness of both nations to foster a robust economic relationship. This collaborative spirit is poised to yield significant benefits for both countries in the coming years.
Original Source: www.dailynewsegypt.com
