Saudi Arabia, Egypt sign MoU to develop exports

The Saudi Export Development Authority signed a memorandum of understanding with the General Authority of the Egyptian Export Development Center affiliated to the Ministry of Trade and Industry in the Arab Republic of Egypt, in the presence of the Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Export Development Authority, Bandar bin Ibrahim Al-Khorayef, and the Minister of Trade and Industry of the Republic of Egypt. Engineer Ahmed Samir, on the sidelines of the official visit of the Minister of Industry and Mineral Resources of the Republic of Egypt.

The memorandum of understanding was signed by the CEO of the Saudi Export Development Authority, Eng. Abdul Rahman Al-Thukair, and the Minister Plenipotentiary for Commercial and Head of Commercial Representation, Yahya Al-Wathiq Billah. This memorandum aims to enhance cooperation between the two authorities in the field of developing non-oil exports, and to set a general framework for activities and tasks with the aim of achieving mutual benefit and strengthening the institutional capacities of both parties.

Al-Dhukair explained that the memorandum includes broad areas of cooperation, including the exchange of experiences and knowledge in the field of export development, the exchange of relevant research and studies, and the organization of joint events and seminars to enhance communication and exchange of experiences between companies and exporters in the two countries. Cooperation also includes the provision of technical support. And consulting in the fields of export and international marketing

He indicated that the memorandum comes within the framework of the two bodies’ commitment to strengthening economic and trade cooperation between Saudi Arabia and Egypt, and developing non-oil export sectors to promote economic development and diversify sources of income, as it reflects the commitment of the two parties to strengthening bilateral cooperation and joint action to achieve the goals of development and sustainability in the field of exports. ‏

It is noteworthy that the Saudi Export Development Authority is making continuous efforts to strengthen and document relations between producers, exporters and importers on the one hand, and consumers on the other hand, and seeks through this memorandum to expand the scope of work of local producers and exporters, which contributes to the development of their exports and expansion of the scope of their work. In order to achieve the objectives of Saudi Vision 2030, in raising the proportion of Saudi non-oil exports to no less than 50% of the non-oil GDP.