(MENAFN) Egyptian President Muhammad Mursi told his officials to remove all obstacles facing Saudi investments in the cash-strapped country, Arab News reported.
The order came as Mursi was in a meeting with Saudi Commerce and Industry Minister Dr. Tawfiq Al-Rabiah, which was attended by a large number of Saudi businessmen as well as Saudi Ambassador to Cairo Ahmed Kattan and Egyptian Minister of Industry and Foreign Trade Hatem Saleh.
Mursi's spokesman, Dr. Yasser Ali, said that the president called for greater Saudi investment in Egypt and emphasized the need to expand trade exchange between the two countries.
Mursi listened to the problems facing Saudi investment projects worth USD27 billion in Egypt, especially investments in the country's privatization projects.
The Egyptian side also presented 15 new projects worth USD8.5 billion during the meeting, according to Finance Minister Mumtaz Al-Saeed.
Saudi-Egyptian bilateral trade hit USD4.72 billion last year, with trade balance swinging to Saudi Arabia at USD2.85 billion, while Saudi imports from the country amounted to USD1.87 billion.