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Egypt, UAE trade ministers co-chair first business council meeting
16 November 2020  -  Organization :  -  Sector/Entity :  -  Category : General

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The council plays a pivotal role in developing economic, commercial and investment cooperation between Egypt and the UAE during the next period, Gamea said.

Cairo- November 16, 2020

Minister of Trade and Industry Nevine Gamea and UAE Minister of Economy Abdulla Bin Touq Al Marri, co-chaired today the inaugural meeting of the Egyptian-Emirati Joint Business Council, in the presence of UAE Minister of State for Entrepreneurship and Small and Medium Enterprises Ahmed Belhoul Al Falasi, and Minister of State for Foreign Trade Thani Bin Ahmed Al Zeyoudi.

The council plays a pivotal role in developing economic cooperation between Egypt and the UAE during the next period,” Gamea said.

She noted that trade relations between the two countries is a model to be followed, pointing out that the UAE market is the primary destination for Egyptian exports, receiving about 11% annually of the country’s total shipments abroad.

Gamea added that UAE’s investments in the Egyptian market exceed $7 billion, with additional memoranda of understanding worth more than $7 billion, so that it ranks first among foreign investor in the local market.

The minister stressed the importance of the joint council in defining the challenges that companies may face in the two countries and in putting forward proposals for overcoming potential obstacles to the ministers concerned in both countries.

Al-Marri, for his part, said that the UAE is Egypt’s second Arab and ninth global trading partner, while Egypt is the sixth largest Arab trading partner of the UAE. Non-oil trade between the two countries hit about $6 billion in 2019, up 9.6% from a year earlier.

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