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Minister of Trade: The UAE is Egypt's largest trading partner, with a total bilateral trade of $4.1 billion


Nevin Jameh, Minister of Trade and Industry, met with Dr. Hamad Saeed Al Shamsi, the new ambassador of the United Arab Emirates to Egypt. The meeting dealt with strengthening means of cooperation between the two brotherly countries in various fields, especially economic and investment cooperation.

 

The minister said that the meeting reviewed the importance of making maximum use of the brotherly relations that link the political leadership with Egypt and the UAE and pushing them to aspects of joint economic cooperation, which contributed to transferring the bilateral relations between the two countries to broader horizons, especially in the sectors of trade, industry and investment, noting the importance of building on strong relations. Which links the two countries, government and people, and translates them into major projects that benefit the two brotherly peoples and support the Egyptian and Emirati economies alike.

 

Jameh added that the UAE represents Egypt's largest trading partner in the Middle East, as the volume of trade exchange between the two countries during the year 2020 amounted to about 4 billion and 111 million dollars, compared to 3 billion and 356 million dollars in 2019, and the total Egyptian exports to the UAE market during the year 2020 amounted to about 2. $1.882 billion, compared to $2.11 billion in 2019, pointing out that the UAE is the largest foreign investor in the Egyptian market, as it contributes to projects whose capital exceeds $7 billion.

 

For his part, Dr. Hamad Saeed Al Shamsi, the new ambassador of the United Arab Emirates to Egypt, affirmed his country's keenness to strengthen cooperation with Egypt, especially in light of the close strategic relations between the two countries, which are based on a long history of brotherly relations between the two countries, noting that these relations have witnessed a remarkable development. Over the past years in several major sectors, especially in the economic and commercial fields.

 

The ambassador also praised the modern renaissance that Egypt is witnessing under the leadership of President Abdel Fattah El-Sisi in various aspects, which included giant initiatives and projects, especially the New Administrative Capital project, which will be a model to be emulated at the regional and international levels.

 

Al Shamsi pointed out that the Egyptian government’s success in containing the crisis of the spread of the Corona virus and not resorting to a complete closure, similar to what happened in many countries of the world, represents a unique experience that many countries are currently seeking to adopt in order to maintain the continuity of the production wheel and achieve positive growth indicators, especially in the field of export.

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