Emirati Economy Minister Abdullah bin Touq Al Marri highlighted the depth and strength of bilateral relations between the UAE and Egypt, underscoring their growth towards more dynamic levels across various domains of mutual interest, aiming to achieve sustainable developmental goals.
During a meeting with the Egyptian Minister of Trade and Industry, Ahmed Sameer Saleh, Al Marri emphasized that the fraternal ties binding the two nations and their shared visions towards numerous regional issues have laid the foundation for a more diverse and sustainable economic partnership.
He added that this partnership continues to witness consistent growth, evident from the non-oil bilateral trade figures between the two countries, which reached AED 29.2 billion in 2022, with a growth rate exceeding 5% compared to 2021 and surpassing 13% and 32% in 2022 compared to 2020 and 2019, respectively.
Al Marri further explained, “Egypt is considered a pivotal African market for non-oil UAE trade, accounting for a significant 10% contribution to UAE’s trade with the African continent in 2022.”
During the meeting, both parties discussed mechanisms to launch new pathways for increased economic cooperation in sectors of mutual interest, particularly in emerging economic sectors such as financial technology, climate change, sustainable agriculture, agricultural innovation, food security, logistics, renewable energy, digital services, diverse industries, and more.
Both sides concurred on expanding and diversifying the economic and trade cooperation umbrella to encompass additional sectors.
This involves providing comprehensive support to the business communities in both countries, aimed at exploring more promising opportunities in their respective markets, thereby enhancing existing economic partnerships and fostering new collaborations in the upcoming phase.
Al Marri also outlined the significant developments in the UAE’s economic landscape over the past period, creating an enabling environment for business growth and prosperity and attracting foreign direct investments, especially in emerging economic sectors.
This aligns with the visionary outlook of the leadership, as guided by the “UAE Vision 2031,” aiming to establish the country as a global hub for new economy through measures such as allowing 100% foreign ownership, introducing a legislative framework to protect intellectual property, and launching an ambitious strategy to attract talents and minds across all sectors, enhancing the nation’s status as a constant center for innovation.
He urged Egyptian companies to leverage the advantages and incentives provided by the UAE’s economy to foster growth and expansion in the UAE, Gulf, and Asian markets.
This includes the global investment platform “Investopia,” aimed at creating opportunities and empowering future investments, as well as the comprehensive economic partnership agreements under which the UAE has signed four agreements with India, Israel, Indonesia, and Turkey.
