The UAE is Egypt’s largest trading partner in the Middle East, as the trade volume between the two countries in 2020 was around $ 4.111 billion, up from $ 3.356 billion in 2019.
Nonetheless, Egyptian exports to the UAE market in 2020 reached around $ 2.882 billion, up from $ 2.51 billion in 2019, according to Egyptian Minister of Trade and Industry Nevine Gamea.
Gamea said the UAE is the biggest foreign investor in the Egyptian market, as it contributes projects with capital over $ 7 billion.
The minister met Hamad Saeed Al Shamsi, the new UAE ambassador to Egypt, at a meeting that focused on strengthening cooperation between the two countries in various fields, including economic and investment cooperation.
Gamea said the meeting addressed the importance of making maximum use of the relationship that links political leadership with Egypt and the United Arab Emirates, while pushing them towards aspects of joint economic cooperation. This has helped shift bilateral relations between the two countries to broader horizons, especially in the areas of trade, industry and investment.
For his part, Al Shamsi affirmed his country’s will to strengthen cooperation with Egypt, in particular in the 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 in recent years in several major sectors, especially in the economy and trade.
Al Shamsi said the Egyptian government’s success in containing the novel coronavirus (COVID-19) pandemic and avoiding a complete shutdown represents a once-in-a-lifetime experience. This is an experience that many countries are currently seeking to adopt, to maintain the continuity of production and achieve positive growth indicators, especially in the area of exports.