Egypt’s Minister of Trade and Industry Nevine Gamea met with Ambassador of the UAE to Cairo Mariam Khalifa Al-Kaabi on Monday to discuss the latest economic developments regionally and globally.
Both officials also addressed ways to develop commercial, industrial, and investment relations between the two countries during the coming period.
The minister said that the meeting also tackled the importance of unifying efforts between the two countries to provide for the needs of the Egyptian and Emirati markets in light of the current regional and global challenges.
In a press statement, Gamea highlighted the importance of translating the distinguished relations that link the two governments to tangible commercial and investment cooperation projects that serve the interest of the Egyptian and Emirati economies alike.
Gamea pointed out that enhancing the rates of trade exchange between the two countries reflects the great capabilities and potentials enjoyed by the two countries by providing more commercial facilities to Egyptian and Emirati exporters.
She further noted that the rates of Egyptian exports to the UAE reached $1.196bn in 2021, with the most exported items including building materials, engineering goods, electronics, food industries, agricultural crops, medical industries, ready-made clothes, and furniture.
Furthermore, strengthening cooperation between the two countries in terms of expanding and diversifying supply chains is important to overcoming challenges of logistical transport at the present time, Gamea elaborated, adding that there are distinguished investment opportunities for the Emirati business community to invest in the Egyptian market, especially in the fields of spinning, weaving, leather, furniture, handicrafts, and other crafts.
For her part, Al-Kaabi expressed her country’s keenness to develop economic relations for the benefit of the economies and peoples of the two countries.
She also praised Egypt’s unique participation in Expo 2020 Dubai with a distinguished pavilion that has been the focus of the world’s attention since the start of the expo’s activities until now. The Egyptian pavilion is one of the most important pavilions participating in the event, attracting the attention of all attendees and receiving a large number of official visits.
“It is possible for Egypt to make use of the UAE’s market as a hub for Egyptian-Emirati joint projects’ exports to the markets of the Arabian Gulf and Southeast Asian countries in addition to the UAE benefiting from the Egyptian market as a gateway for Emirati exports to the markets of the African continent and profiting from facilities and preferential transactions offered by the African Continental Free Trade Agreement (AfCFTA). There is also the possibility of establishing Egyptian-Emirati investments in other countries,” Al-Kaabi said.
