Minister of Planning, Economic Development, and International Cooperation Meets the Saudi Minister of Economy and Planning to Discuss Ways to Enhance Bilateral Relations

During the activities of the "AlUla" Conference for Emerging Market Economies

 

Minister of Planning, Economic Development, and International Cooperation Meets the Saudi Minister of Economy and Planning to Discuss Ways to Enhance Bilateral Relations

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning of Saudi Arabia, during her participation in the "AlUla" Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the International Monetary Fund (IMF), under the theme "Building Resilience in a Changing World."

The meeting focused on ways to strengthen the bilateral relations between the Arab Republic of Egypt and the Kingdom of Saudi Arabia in various fields, in line with the strong and historical ties between the two brotherly countries. Additionally, the discussions included enhancing bilateral cooperation through joint efforts to achieve sustainable development goals at the national level.

At the beginning of the meeting, the Minister of Planning, Economic Development, and International Cooperation commended the strong relationship between the Arab Republic of Egypt and the Kingdom of Saudi Arabia across various levels. H.E. Dr. Al-Mashat highlighted the importance of the Emerging Market Economies Conference and its topics, particularly in light of the consecutive challenges faced by these countries due to global crises and regional and international tensions.

H.E. Dr. Rania Al-Mashat pointed out the efforts of the Ministry of Planning, Economic Development, and International Cooperation in following up on the implementation of the National Economic and Structural Reform Program, in coordination with relevant ministries and agencies, and in collaboration with international development partners.

 

H.E. Dr. Al-Mashat emphasized the significance of attracting financing to support the budget and facilitate the implementation of structural reforms. She affirmed that reform is an ongoing process to align with local and global economic changes, open space for the private sector, enhance competitiveness, improve the business environment, ensure macroeconomic stability, support the transition to a green economy, and create future prospects for comprehensive and sustainable development.

H.E. Minister Al-Mashat reviewed mechanisms for enhancing South-South cooperation and trilateral cooperation, viewing them as pivotal for leveraging the potential of developing countries to create innovative solutions for development and benefiting from successful developmental practices and experiences.

H.E. Dr. Al-Mashat noted the ministry’s efforts to launch the South-South and trilateral cooperation strategy within the framework of the first New Development Bank meeting held in Egypt, aimed at expanding the replication of successful development experiences between developing and emerging countries and promoting efforts to exchange expertise and technology among developing nations.

The two sides reviewed initiatives and projects that could enhance sustainable economic development in both countries, focusing on innovation and technology, reviewing successful experiences from both Egypt and Saudi Arabia, and analyzing the challenges and opportunities facing the economies of developing countries. They also discussed potential areas for cooperation on major projects that support economic growth.

H.E. Dr. Al-Mashat reiterated the need to continue working closely with development partners to support the international response for the recovery of economies affected by conflict in the Middle East. She clarified that achieving macroeconomic stability is necessary but not sufficient for sustaining growth and achieving a resilient economy. Stability must be accompanied by a series of structural reforms that address short-term imbalances and enhance long-term stability.