Minister of Industry and Trade Tarek Kabil affirmed that the Egyptian-Emirati relations are strategic and close. He pointed out that the economic relations between the two countries are witnessing unprecedented momentum in the form of joint development projects that benefit both countries’ peoples alike.
This came in the context of statements made by the minister before leaving Cairo for the United Arab Emirates’ (UAE) capital, Abu Dhabi, accompanied by President Abdel Fattah Al-Sisi, who is visiting the UAE at the head of a delegation of senior officials of the Egyptian government to discuss means of enhancing bilateral relations between the two countries and review regional files of common interest.
The minister said the UAE has not hesitated to support the Egyptian economy during the last phase, pointing out that the UAE’s support was reflected in the form of a large number of development projects in the basic economic sectors.
Kabil also said Egyptian exports to the UAE have increased significantly during the first half (H1) of 2017—scoring $1.204bn, up from $1.126bn during the same period of 2016—marking an increase of 7%. He added that H1 of this year witnessed a trade surplus in favour of Egypt, which reached $735m, compared to $685m in H1 2016.
The minister added that the trade balance between the two countries last year also achieved a surplus in favour of Egypt amounting to $1.478bn, compared to a trade deficit of $157m in 2015.
Moreover, he noted that Egyptian exports last year exceeded, for the first time, the $2bn record, registering $2.386bn, up from $1.061bn in 2015, with an increase of 125%. He added that Egyptian imports from the UAE declined by 25%, settling at $908m, down from $1.218bn in 2015.
The main items of Egyptian exports include electrical appliances, furniture, vegetables, fruits, pharmaceuticals, and food, while Egyptian imports from the UAE include petroleum products, pharmaceutical products, iron, and steel.
The minister added that the significant increase in the Egyptian exports to the UAE market resulted from the success of the ministry’s continuous efforts in promoting the national product in various international markets. He noted that Egyptian products are highly competitive in the Emirati market because of their high quality and competitive prices.
Kabil pointed out that the UAE is ranked first in the list of countries investing in the Egyptian market with investments totalling $6.2bn in 868 projects in the telecommunications, banking, real estate, tourism, communication, and information technology sectors.
In addition, he highlighted a significant development in the movement of Emirati investments in the Egyptian market, especially after the announcement by a number of UAE companies about new investments in Egypt to cultivate 20 million palm trees and announcing a joint Egyptian—Emirati project to produce self-destroying syringes and promote a real estate project to establish 30,000 units.