Rasheed: Solutions reached to trade problems with Saudi Arabia

Egypt's Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed said his country will start a new stage of economic relations with Saudi Arabia and that solutions had been reached to some trade problems, something which would help to increase the volume of trade exchange between the two states and encourage joint investments.

In press statements on Tuesday on the fringe of his current visit to Saudi Arabia, the Egyptian official said there was a new vision to set up strategic relations between the two countries in the various economic fields. This vision is based on setting up two big markets in the Middle East, with their revenues representing a half of overall Arab national income.

The Minister asserted the importance of establishing a regional market that would mirror the two countries wish to encourage trade exchange and investment, noting that the size of trade exchange at present was not up to their people's aspirations.

The vision also includes setting up and developing an infrastructure to serve trade movement between Egypt and Saudi Arabia. Rasheed denied reports on Saudi investments withdrawal from Egypt over the pound fluctuating exchange rate, adding "we hadn't received any complaints in this regard."