Minister of Trade and Industry Tarek Kabil announced that commercial relations between Egypt and United Arab Emirates (UAE) are witnessing a remarkable development during the current period.
He pointed out that 2017 witnessed a slight improvement in the total surplus of trade balance between the two countries in favour of Egypt, to reach $1.5bn in 2017compared to $1.4bn in 2016.
This came according to the latest report received by the minister from the Egyptian
Commercial Office in Dubai briefing commercial relations between Egypt and the UAE in 2017.
Kabil said that the ministry aims at strengthening Egypt’s commercial relations with UAE in 2018 and expanding the base of exporting companies, as well as intensifying the participation of Egyptian companies in UAE exhibitions, what would contribute to increasing inter-export rates.
Meanwhile, he pointed out the good and distinguished relations between the people and the leaders of the two countries, describing these relations as the cornerstone for the improvement and development of joint economic relations.
“UAE is the largest investor in the Egyptian market with a total investment of $6.2bn in many production and service sectors,” Kabil said.
For his part, Ahmed Antar, first deputy minister of Trade and Industry and head of the Egyptian Commercial Service (ECS) office, said that the Egyptian Commercial Office recently organised for a delegation of the Egyptian Junior Business Association (EJB) to visit to the UAE.
In this context, he explained that this visit aims at enhancing the cooperation between the EJB, government bodies, and business groups in the UAE.
He added that the visit comes within the framework of implementing the protocol of cooperation signed earlier last year between the ECS and the EJB, which aimed at promoting Egyptian exports and attracting foreign investments to the Egyptian market.
During the visit, the Egyptian side focused on presenting investment opportunities in the Egyptian market to the Emirates Youth Council community.
Meanwhile, Antar mentioned that EJB invited the Tejar Dubai Youth Council in
Dubai Chamber of Commerce and Industry to visit Egypt in the beginning of the next year to discuss joint trade and investment opportunities and to sign a new memorandum of understanding that will aim at promoting the joint work between the two sides.
The visit included a meeting with the officials of Expo 2020 exhibition, a universal exposition that will be hosted by Dubai in the UAE to be open on 20 October 2020.
He explained that the meeting discussed the cooperation opportunities available at the exhibition.
Expo 2020 officials welcomed the invitation to visit Cairo during the first quarter (Q1) of the next year to discuss the possibilities for Egyptian companies to participate in the suppliers’ programme of the exhibition.
It is the first time for Expo 2020 exhibition to be held in the Middle East, Africa, and South Asia.
The exhibition will be held in Dubai under the theme of “Connecting minds, creating the future.”