By Maha AbdelAzim
A new cooperation agreement between the General Federation of Egyptian Chambers of Commerce (GFECC) and the Jeddah Chamber of Commerce (JCC) was signed on Sunday, according to a statement from Egypt’s Trade and Industry Ministry.
Egyptian Trade and Industry Minister Mounir Fakhry Abdel Nour, who was present at the signing, believes that the agreement marks a major step towards establishing a permanent market for Egyptian goods in Jeddah within the next few months.
JCC Board Director Sheikh Saleh Kamel stated that the agreement would improve economic ties between both countries through various methods, including the upcoming Saudi-Egyptian Investment Week 2014, a joint project held in Jeddah that highlights Egyptian exports and provides investors with an opportunity to study investment opportunities in Egypt.
Abdel Nour added that the new agreement calls for a conference with potential investors where the details of investment opportunities in all of Egypt’s sectors will be discussed and promoted.
A second conference in Cairo will follow, wherein all of the necessary legal procedures will be finalised and the implementation of investments will begin, Abdel Nour said while emphasising the government’s efforts to improve Egypt’s investment climate by its reducing bureaucratic procedures.
He also encouraged Arab investors to follow suit and invest in Egypt.“Egypt will enter a new stage after the constitutional referendum; one that will bring about political and economic stability.”
Abdel Nour and Kamel stressed that the agreement will focus on labour-intensive investments. Kamel said, “The success of the agreement will be measured largely by the number of job opportunities created and the projects established.”
GFECC President Ahmed El Wakil stated that the organisation will facilitate the legal procedures required for the investments to take place.
He added that the agreement will last for one year and be renewed automatically.
The agreement comes during a period of increasing economic cooperation between the two countries, which included the creation of the Egyptian-Saudi Businessmen Association in December 2013, which plans to attract 200 companies to invest EGP 2 billion in Egypt in 2014.