UAE-Egypt trade exchange hits $1.5 bln in 2017

Trade relations between Egypt and the United Arab Emirates (UAE) is developing significantly in the current period, with the trade balance tilting in favor of Egypt to reach $1.5 billion in 2017, compared to $1.4 billion in 2016, Trade Minister Tarek Qabil said.

The minister noted that there is a slight improvement in value of the surplus of the trade balance between the two countries with an increase of 7 percent .

UAE is the biggest investor in the Egyptian market with total investments of $6.2 billion in a lot of  production and services sectors.

Egyptian exports to the UAE have increased significantly during the first half of 2017, amounting to $1.204 billion, up from $1.126 billion during the same period of 2016, marking a 7 percent increase, according to previous statements by Qabil.

“The trade relations between Egypt and UAE witnessed  a remarkable development during the current period” , the minister said.

The ministry aims to enhance the trade relations with the UAE side through the facilitation of the entry of the Egyptian products from different export sectors into the Emirati market and expand the base of exporting companies, while intensify the participation of Egyptian companies in the UAE exhibitions.

the Head of the Egyptian Commercial Service Office, Ahmed Antar, said that attributed the increase in the foreign trade  to the successful promotional efforts of the commercial office in Abu Dhabi in introducing the Egyptian product to the UAE consumers.

He added that the office has recently arranged a visit for a delegation from the Egyptian Junior Business Association (EJB) to the UAE that aimed at boosting cooperation between the EJB and the Emirati business community.

The visit came as part of the cooperation protocol that was signed in 2017 between the commercial office and the EJB, with the aim of promoting Egyptian exports and attracting foreign investment to Egypt, Antar said.

He added that the visit included reviewing investment opportunities in Egypt and a visit to business incubators and the Dubai Silicon Oasis.

Antar also said that the visit included a meeting with the organizers of Expo 2020 Dubai to discuss the expo’s available cooperation opportunities, adding that the organizers would pay a visit to Cairo in the first quarter of 2019 to discuss the possibility of the participation of Egyptian companies in one of the expo’s programs.