22 January 2013

Egypt: Morsi in Saudi Arabia - Full Guarantees for Arab, Foreign Investment

President Mohamed Morsi held several meetings in Riyadh on Monday 21/1/2013 with a host of presidents and senior delegates taking part in the third Arab Economic and Social Development Summit.

Morsi held talks with Tunisian President Moncef Marzouki, Qatari Emir Sheikh Hamad bin Khalifa al-Thani, Iraqi Vice President Khudair Khuzaie, Speaker of the National People's Assembly of Algeria Abdelkader Ben Salah, President of the Union of the Comoros Ikililou Dhoinine and Somali President Hassan Sheikh Mohamoud.

The talks took up ways of boosting cooperation along with means to promote the Arab joint action.

During his meeting with the Saudi-Egyptian Business Council, Morsi said that Egypt, after the January 25 Revolution, offers all the guarantees required for ensuring Arab and foreign investments.

He, meanwhile, urged Saudis to do business in Egypt, given the promising opportunities in the various industrial and agricultural fields.

Morsi also cited the mega projects Egypt intends to make, like the East Port Said project in the Suez Canal area.

He also discussed the possibility of setting up a bridge project linking Saudi Arabia to Egypt and establishing a railway line from Alexandria to Aswan as a first phase.

There are 300, 00 feddans in the North Coast which are ready for agriculture, Morsi said. He also talked about setting up a fishing fleet in Egypt.

More than two-thirds of the Arab and Saudi investors' problems in Egypt's market were solved, the president said, affirming that efforts are underway to solve the rest of the problems.

"We (Arabs) are in a dire need of having the ability to produce our food, medicines and weapons," he said, adding that this requires close cooperation and support.

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