Rasheed: Egypt-Saudi Arabia new stage towards mature economic ties

"Egypt and Saudi Arabia have started a new stage of mature ties to promote their economic and investment cooperation," Egypt's Minister of Trade and Industry Rasheed Mohamed Rasheed said Saturday.

In statements published by the Saudi Okaz newspaper, he said Egypt and the Kingdom have settled all outstanding issues during a meeting between the trade and industry ministers of the two countries in Cairo recently.

Saudi investments in Egypt stand at more than one billion dollars, he added.

The two countries, he said, focus now on promoting their trade strategic infrastructure and encouraging the private sector to undertake its responsibility in increasing the volume of trade exchange between the two sides.

He also called for intensifying regional and Arab economic cooperation, pointing out that no country could live away from the world economy through effective contribution by private sector to cope with the new globalization rules.