The UAE is Egypt’s largest trading partner in the Middle East, as the volume of trade exchange between the two countries in 2020 amounted to about $4.111bn, compared to $3.356bn in 2019.
Nevertheless, Egyptian exports to the UAE market in 2020 registered around $2.882bn, compared to $2.51bn in 2019, according to Egypt’s Minister of Trade and Industry Nevine Gamea.
Gamea said that the UAE is the largest foreign investor in the Egyptian market, as it contributes to projects with capital exceeding $7bn.
The minister met with Hamad Saeed Al Shamsi, the UAE’s new Ambassador to Egypt, in a meeting that dealt with enhancing cooperation between the two countries in various fields, especially economic and investment cooperation.
Gamea said that the meeting tackled the importance of making maximum use of relations that link political leadership with Egypt and the UAE, whilst pushing them to aspects of joint economic cooperation. This has contributed to transferring bilateral relations between the two countries to broader horizons, especially in the trade, industry, and investment sectors.
For his part, Al Shamsi affirmed his country’s keenness to strengthen cooperation with Egypt, especially in light of the close strategic relations between the two countries. These relations are based on a long history of friendship between the two countries.
The ambassador noted that these relations have developed over the past years in several major sectors, especially in economics and commerce.
Al Shamsi said that the Egyptian Government’s success in containing the novel coronavirus (COVID-19) pandemic and avoiding a complete closure represents a unique experience. It is an experience that many countries are currently seeking to adopt, to maintain continuity of production and achieve positive growth indicators, especially in the field of exports.