Egypt and Saudi Arabia agreed on Tuesday to establish joint projects between their private sectors to strengthen the economic partnership between the two countries, Egypt's Minister of Trade and Industry Amr Nassar said. 

This came during talks between Nassar and Saudi Minister of Trade and Investment Majed bin Abdullah Al-Qasabi, who is currently visiting Cairo as part of a delegation accompanying Saudi Crown Prince Mohamed bin Salman.

Nassar affirmed that Egypt and Saudi Arabia represent the safety valve for the Arab world, underlining their assiduous efforts to achieve comprehensive integration among all Arab nations and boost cooperation to develop the Arab economy.

Nassar said that there is currently unprecedented international economic and trade variables that require further cooperation and joint action between Cairo and Riyadh.

He highlighted the importance of building upon the outcome of the joint committee meetings that convened in Riyadh in May and turning all initiatives into real projects that serve the interests of the Egyptian and Saudi economies. 

There is full agreement between both countries' trade ministries on improving the investment climate to boost trade exchange rates and joint investments during the coming phase, Nassar said.

Nassar noted that the volume of trade exchange between the two countries amounts to about $7 billion. 

The Saudi minister described the Egyptian-Saudi relations as strategic, saying that the current visit of the Saudi crown prince ensures strong and close relations and reflects keenness on promoting them. 

Al-Qasabi asserted the importance of the Egyptian market as a distinguished destination for Saudi investments, noting that joint economic ties will be given a stronger impetus in the coming phase.