Saudi Arabia eyes industrial integration with Egypt, to create added value in petchem industry: Minister

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef, and Egyptian Prime Minister Mostafa Madbouly

Saudi Arabia seeks to achieve industrial integration with Egypt in the fields set in the National Industrial Strategy (NIS) to create added value in petrochemicals, mining, car manufacturing, medical equipment and other renewable energy industries, Minister of Industry and Mineral Resources Bandar AlKhorayef said on the sidelines of his meeting with Egypt’s Prime Minister.

Both countries achieved integration in a number of priority industries, AlKhorayef indicated, adding that NIS defined 12 targeted industries. He also highlighted the Kingdom’s efforts in order to enhance cooperation.

The Kingdom’s industrial strategy seeks to create a sustainable as well as competitive industrial economy with the targeted industries achieving food security among other objectives.

Saudi Arabia and Egypt are already discussing areas of cooperation including exports, car manufacturing and other industry inputs.

The Minister also spoke of the Saudi investors’ commitment to boost their investments in Egypt, where the government helps with creating an industrial base and an investment environment.