Egypt and Saudi Arabia signed on Sunday two memorandums of understanding (MoU) in developing non-oil exports and developing their automobile industries.
The Egyptian Minister of Trade and Industry, Ahmed Samir, and Saudi Minister of Industry and Mineral Resources, Bandar al-Khorayef, witnessed the signing of a memorandum of understanding between the Egyptian Export Development Authority and its Saudi counterpart.
The statement added that the two sides also witnessed the signing of a memorandum of understanding between the Valeo Egypt company and the Saudi National Industrial Development Center in developing the automotive industry.
Khorayef started an official visit to Egypt on Saturday as part of Saudi Arabia's keenness to enhance the role of the mining and industrial sectors.
Later, the Egyptian Prime Minister Mostafa Madbouly received the Saudi Minister of Industry.
They discussed ways to enhance industry cooperation and integration between Egypt and Saudi Arabia.
Madbouly noted the enormous potential and human resources that the two countries possess, adding that Egypt is a huge market and a gateway to the continent of Africa.
He stressed the importance of having an agreement between the two countries that enables the private sector to achieve integration and partnership in the supply and production chains.
During the meeting, Minister Samir noted that Egyptian officials held meetings with their Saudi counterparts. They agreed on a set of joint work issues in industry, namely the industrial integration between the two countries.
The Egyptian minister said that cooperation in specific sectors would improve in the next stage, including the food and drug security industries and promoting exports to African markets.
For his part, the Saudi Minister explained that the national industry strategy aims to create a competitive and sustainable industrial economy.
Saudi Arabia is looking forward to integration with Egypt in the industries identified by the strategy to achieve food and drug security and cooperation for optimal utilization and creation of added value in the petrochemical and mining industries and the automotive industry.
Khorayef said the visit to Egypt would include a tour of several industrial sites and meetings with the private sector.