Saudi Arabia, Egypt Sign MoU to Develop Non-Oil Export Sector

SEATTLE (Oil Monster): Saudi Arabia and Egypt have reached an agreement to enhance bilateral economic co-operation between the two countries, especially on developing non-oil export sector. A memorandum of understanding (MoU) has been signed to this effect between the Saudi Export Development Authority and Egypt’s Export Development Authority.

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The agreement will focus on developing non-oil export sectors to further diversify sources of income. The MoU was signed during the official visit of Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef to Egypt. The two countries will exchange experiences and knowledge in the field of developing exports. Also, they will co-operate on new studies and research.

The MoU promises to offer technical support and consultations in the fields of export and international marketing by both the countries, said Abdulrahman Al-Thukair, CEO of the Saudi Export Development Authority.

The MoU will help local producers and exporters to expand their scope. Furthermore, authorities aim to raise the proportion of exports to at least 50% of the country’s non-oil gross domestic product (GDP).