The Egyptian Cabinet, chaired by Prime Minister Dr. Mustafa Madbouly, approved a decision today to establish the Higher Egyptian-Saudi Coordination Council, following the signing of the agreement on October 15, 2024. This move comes as part of ongoing efforts to intensify collaboration between Egypt and Saudi Arabia, particularly in strengthening their supply chains and enhancing cooperation in key sectors.
The new council aims to foster closer communication and deepen ties between the two nations across various areas of mutual interest. It will focus on enhancing trade, investment, and supply chain operations between Egypt and Saudi Arabia, ensuring smoother and more efficient exchanges of goods and services between the two countries. The council is designed to address challenges in the logistics and supply chain sectors, improving infrastructure, transportation, and regulatory processes to facilitate economic growth.
The council will be co-chaired by the President of Egypt and the Crown Prince of Saudi Arabia, who also serves as the Prime Minister of Saudi Arabia. The council’s membership will include ministers and senior officials from both countries, covering key sectors such as trade, transport, energy, and industry.
Collaborative Efforts to Boost Economic Ties
In addition to streamlining supply chains, the council will oversee regular meetings, alternating between Egypt and Saudi Arabia, to ensure ongoing cooperation. Extraordinary meetings will also be held when urgent matters arise, allowing both countries to respond promptly to emerging challenges. The coordination council replaces the previously existing Egyptian-Saudi Joint Higher Committee, which had been pivotal in fostering bilateral relations but is now being upgraded to meet the growing demands of both nations’ economies.
This enhanced cooperation will significantly impact the broader economic landscape in the region, promoting joint projects and investments that could lead to the creation of new jobs, infrastructure improvements, and better market access for both Egyptian and Saudi businesses. Moreover, the council’s role in overseeing logistics and trade will make it a crucial player in addressing global supply chain disruptions and boosting the resilience of both countries’ economies.
The formation of the Higher Egyptian-Saudi Coordination Council aligns with the broader strategic goal of both nations to deepen bilateral relations and explore new areas of economic synergy, particularly in sectors like energy, technology, and infrastructure.
Collaborative Efforts to Boost Economic Ties
In addition to streamlining supply chains, the council will oversee regular meetings, alternating between Egypt and Saudi Arabia, to ensure ongoing cooperation.
The council’s role in overseeing logistics and trade will make it a crucial player in addressing global supply chain disruptions and boosting the resilience of both countries’ economies.
The formation of the Higher Egyptian-Saudi Coordination Council aligns with the broader strategic goal of both nations to deepen bilateral relations and explore new areas of economic synergy, particularly in sectors like energy, technology, and infrastructure.
Saudi Arabia and Egypt Boost Telecom and Industrial Cooperation
In a notable development complementing this broader framework, Saudi Arabia’s Falak Investment and Egypt-based Al-Tawakol For Steel Industries and Galvanization Co. have signed a supply chain cooperation agreement aimed at strengthening telecommunications infrastructure in the Kingdom. This agreement was finalized during the visit of Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, to Egypt.
The deal focuses on the manufacturing and supply of telecommunications towers, as well as enhancing collaboration in steel industries, galvanization, and broader telecommunications infrastructure. This partnership also lays the groundwork for Al-Tawakol to participate in government and public sector tenders in Saudi Arabia, fostering deeper industrial ties.
The cooperation comes on the heels of significant growth in bilateral trade, with Egypt-Saudi trade reaching $7.5 billion in the first nine months of 2024, marking a 33.9% rise compared to the same period in 2023. Minister Alkhorayef emphasized the importance of boosting economic relations during his visit, highlighting the potential for job creation and enhanced industrial development.
In a series of meetings, Alkhorayef also discussed ways to further deepen industrial cooperation with Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir. They explored avenues for boosting collaboration on joint factories and logistics zones between the two nations, which could significantly propel industrial integration and trade.
Pharmaceutical Industry Cooperation
Further cementing the strong ties between the two nations, Minister Alkhorayef also met with Ali El-Ghamrawy, Chairperson of the Egyptian Drug Authority, to discuss enhancing collaboration in the pharmaceutical sector. The discussions centered on expanding cooperation in pharmaceutical production and the localization of active pharmaceutical raw materials, which would mutually benefit both Egypt and Saudi Arabia.
Egypt’s expertise in pharmaceutical manufacturing, along with its impressive self-sufficiency rate of 91.3% in medicines, positions the country as a regional leader. Alkhorayef reiterated Saudi Arabia’s commitment to deepening cooperation in the pharmaceutical industry, with an eye on expanding into the rapidly growing African market. The two nations also focused on increasing trade and strengthening their pharmaceutical relations.
A Strategic Partnership for Growth
As the nations continue to build upon their long-standing partnership, they are poised to enhance their economic growth and deepen regional ties, ensuring a resilient and prosperous future for both countries.
