An Egyptian business delegation is planned to visit Saudi Arabia within the next couple of months, sources from the Saudi embassy told Egypt told Daily News Egypt upon the condition of anonymity, adding that the aim of the visit is to discuss the electronical exchange of certificates of origin for commodities.
“Bilateral relations with Egypt are strong and very unique,” noted the sources, adding that many economic visits will take place shortly to reaffirm the relations’ strength.
Meanwhile, the Ambassador of Saudi Arabia to Egypt, Osama Al-Noqali, said on the sidelines of the embassy’s celebration of it 88th national day last week, that his country has historic relations with Egypt, noting that Saudi Arabia began drawing up its foreign relations with Egypt as a first stop, since the mandate of Abdulaziz Al Saud, Saudi Arabia’s previous king.
“Now Saudi Arabia is witnessing great developments under the mandate of King Salman bin Abdulaziz, which is clear over the Saudi Vision 2030, which relies on reducing Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors, such as health, education, infrastructure, recreation, and tourism,” he added.
According to the Central Bank of Egypt’s (CBE) statistics, the trade exchange with Saudi Arabia increased over the first nine months of fiscal year (FY) 2017/18 to $3.52bn in comparison with $2.272bn over same period of FY 2016/17.
The CBE’s latest statistics noted that Egypt’s imports from Saudi Arabia increased to $2.73bn over the period from July to March FY 2017/18 from $1.9bn over same period of 2016/17 while Egypt’s exports to Saudi Arabia hiked to $792m over the first nine months of FY 2017/18 from $750.5m in same period of 2016/17.