Saudi Arabia wants greater investment in Egypt

Though Egyptian-Saudi trade exchange hit 2.2 billion rials, there are more potentials for larger exchange, said Saudi Minister of Trade Osama Bin Jaafar Faqeeh.

In press statements following Prime Minister Atef Ebeid's inauguration of the Saudi pavilion at the Cairo International Fair yesterday Faqeeh said Saudi Arabia is the largest investor in Egypt.

Joint plants number 630 projects with a total value of 4.8 billion rials, he added.

Non-petroleum exports of the Kingdom reached 27 million rials in 2001, Faqeeh said.

An Arab League initiative 30 years ago stipulated the exemption of all agricultural products from customs fees and there were lists of other partially-exempted industrial commodities, Faqeeh said.

Asked about setting up an Egyptian-Saudi free trade zone, the Minister said an agreement on the establishment of such a zone has been initialled.