Riyadh, Cairo seek more economic cooperation

Egyptian and Saudi officials Monday pledged to boost bilateral economic cooperation in the future. Speaking at the meeting of Egyptian-Saudi higher committee for economic cooperation in Riyadh, Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed said the volume of trade exchange with the kingdom is modest.

In 2003, the volume hit 4.5 billion Saudi Riyals, said Saudi Minister of Trade and Industry Hashim El-Yamani, who co-chaired the meeting. He noted that Saudi Arabia has Egypt's largest foreign investments at the amount of LE 5.9 billion against I bilion Riyals of Egyptian investments in the kingdom. Rasheed arrived in Riyadh yesterday on a four-day visit.