The final statement of the Saudi-Egyptian Business Opportunities Forum called for supporting the strategic partnership between the two countries in the 21st century, which was reaffirmed by the leaders of both nations during the current visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may God support him – to the Arab Republic of Egypt. The statement emphasized the need to make the forum’s outcomes the primary foundation upon which to build new, more productive economic and trade relations between the Kingdom of Saudi Arabia and the Arab Republic of Egypt.

The statement emphasized the need to exchange private-sector investments between the two countries and to support the Saudi and Egyptian startup sectors as a means of creating job opportunities, strengthening bilateral trade relations, and supporting economic growth in both countries. The forum concluded with several initiatives, including:

1 – An initiative to establish an online portal dedicated to drawing up a preliminary roadmap of commercial and industrial opportunities available for joint bilateral investment in both countries, while providing all information and statistics on the performance of key economic activities and how to utilize them in preliminary feasibility studies forjoint cooperation projects, with the Council of Chambers of Commerce and Industry in both countries overseeing and implementing this important portal.

2 – An initiative to encourage mergers, alliances, and strategic acquisitions among companies of various sizes in both countries, with the aim of gaining competitive advantages on the one hand and, on the other hand, overcoming the problems of project stagnation that both countries suffer from, provided that the relevant national official agencies and bodies in both countries to enable and facilitate the transfer of expertise and the implementation of such a strategic approach.

3 – An initiative to establish an office to facilitate procedures for businesspeople and investors from both countries while they are in the other country and to provide them with all administrative and governmental facilities through a single business window at the headquarters of the chambers of commerce and industry in both countries, with the Chambers of Commerce and Industry on both sides to implement this initiative in the form of a memorandum of understanding signed by both parties.

4 – Encouraging studies, scholarships, research, and scientific and research cooperation programs between the two countries (universities in both countries are invited to implement this initiative).

5 – An initiative to establish a joint network for the exchange of knowledge, science, and research in all vital fields of life.

6 – An initiative to activate the role of embassies in both countries through the commercial attaché offices, particularly with regard to highlighting investment and trade opportunities in both countries and facilitating transactions and contracts.

7 – An initiative to resolve issues related to existing Saudi investments by establishing a clearly defined investment framework aimed at attracting investments, exchanging information and expertise, and achieving bilateral cooperation between the General Investment Authority and the Free Zones Authority.

8 – An initiative for both countries to commit to the provisions of the Greater Arab Free Trade Area and the resolutions of the Economic and Social Council, and to remove all obstacles hindering the development of trade exchange. Among the most important points included in the Memorandum of Understanding on cooperation in the fields of trade and industry are: the development of value-added industries in both countries; the exchange of expertise and human resources in industrial sectors of mutual importance to both countries; exchanging information regarding relevant laws, regulations, and policies; and holding joint seminars and workshops in partnership with the private sector to review opportunities for trade cooperation between the two countries, identify obstacles hindering trade cooperation, and explore ways to facilitate it.

An agreement was also reached between Ma'aden and Egyptian mining companies to exchange expertise and conduct technical visits, as well as to promote and localize technology in the field of precious metals and gold mining, in addition to opening the door for Ma'aden products in Egyptian markets on a purely commercial basis.

9 – An electronic connectivity initiative to facilitate the exchange of information and expertise in the fields of e-commerce and commodity studies to support bilateral trade between the two countries.

10 – An initiative to establish an international trade hub in the Kingdom of Saudi Arabia to support the exchange of data, information, and commercial opportunities between it and the Arab Republic of Egypt, and to agree on the possibility of electronic linkage for the electronic exchange of certificates of origin issued by both sides and the subsequent verification of these certificates.

11 – An initiative for electronic linkage to regulate the movement of Egyptian workers to work in the Kingdom and the electronic exchange of data.

The forum featured open discussions on issues of joint cooperation in the main economic sectors of both countries, through a detailed presentation of the business environment on both sides, and by painting a realistic and clearly defined picture of this unique bilateral environment within the global business framework and what this environment represents as a springboard for joint and sustainable strategic cooperation in key economic sectors between the two sides.