Joint UAE-Egypt Economic Committee Concludes in Cairo

Business

Joint UAE-Egypt Economic Committee Concludes in Cairo

The Joint UAE-Egypt Economic Committee meetings was held recently in Cairo in the visibility of H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy and H.E. Tariq Qabeel, Egypt Minister of Trade and Industry. Both countries evaluated opportunities, challenges and the potential leads of collaboration in 13 vital markets including trade, customizeds, industry, modern technology, tourist, financial cooperation, requirements and assessment, electrical power, renewable energy, transportation, air travel and water sources. The discussions highlighted the stamina of the bilateral ties and an usual need to boost it further. It was determined to hold the joint board conference as an annual event.

The two sides likewise reviewed the Greater Arab Free Trade Contract and ways to turn on the joint UAE-Egyptian business owners council. The board additionally went over teamwork in the money and taxation sectors, as well as opportunities of collaboration in the area of Halal products.

The forum stressed the have to enhance customs teamwork and promote the volume of investments exchange and cooperation in the aviation market, while enhancing cooperation in water resources administration, sustainability and transportation, specifically delivering and ports. They also went over collaboration in electricity and renewable energy sectors.

The conference was attended by Juma Mubarak Al Junaibi, UAE Ambassador to Egypt, H.E Eng. Mohammed bin Abdul Aziz Al Shehhi Undersecretary of Economic Affairs in the Ministry of Economy, Mohammed Saleh Shalwah, Expert to the Minister of Economic Climate for the Arab Organization and the GCC Affairs and Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council.

The UAE delegation included H.E. Dr Matar Al Nayadi, UAE Undersecretary of the Energy and Industry, H.E Hameed Mohammed bin Salem, Secretary-General of the Federation of UAE Chambers of Commerce and Industry, H.E Abdullah Abdulkader Al-Ma'ini General Director of Emirates Authority for standardization and Metrology (ESMA) and H.E Ibrahim Obaid Al Zaabi, UAE Insurance Authority (IA), in addition to representatives from federal government and private sector companies.

This forum was preceded by a preparatory meeting of industry specialists and senior officials. The UAE side was goinged by H.E Eng. Mohammed bin Abdul Aziz Al Shehhi, and the Egyptian side was headed by Saeed Abdullah, First Undersecretary of the Ministry of Commerce and Industry for the Commercial arrangements market.

Both sides additionally held a roundtable meeting, the initial of its kind for the president and financiers from UAE and Egypt, arranged by UAE International Investors Council and the Federation of Egyptian Chambers of Commerce, with the involvement of greater than 40 major financiers, businessmen, leaders from sectors like renewable resource, farming, aviation, Information Technology, telecommunications, tourism and hospitality.

"The holding of the board represents a beneficial addition to the balance of the solid partnership in between both nations, a new development level inning accordance with clear vision that achieves our typical rate of interests," H.E Al Mansoori said.

He added that the UAE and Egypt enjoy a prefect tactical connection based upon political, financial, social and social ties, and affirmed the should join for the usual prosperity and sustainable development of both nations.

H.E Al Mansoori said that Egypt is a strategic trade partner of the UAE in the region, and the UAE is the Egypt's top 10 trade partner worldwide. The overall volume of non-oil trade exchange in between the both countries videotaped concerning USD 3.6 billion in the initial nine months of 2017 and touched around USD 4.8 billion at the end of 2016, growing by 11 percent from the previous year.

H.E included that the UAE recorded complete straight investments about USD 6.5 billion, covering calculated financial areas such as telecoms, tourism, economic and banking industries, actual state, infrastructure and ports, along with agriculture, trade, food and medicine, and all the fields vital to sustainable growth.

H.E evaluated the chances and opportunities used by the UAE economy due to its policy of financial diversification and pioneering development plans, and mentioned that in terms of financial investments, the UAE is the at forefront of Arab countries in regards to the volume of foreign direct investment circulation. He additionally took stock of the nation's initiatives to develop and advertise its capabilities in innovation and combining its payment to the development process.

"The current environment is completely for the shift to a new stage of participation and partnership in between the brotherly nations, realizing our future ambitions for success," H.E included.

H.E Qabeel said that the Joint Economic Board supports shared initiatives to develop economic and trade relationships to advanced levels and applauded the stamina of connections between the two sides in various fields.

He additionally reviewed the advancements of the Egyptian economy and the nation's efforts to reinforce its business environment through its financial investment regulation, which would considerably enhance the financial investment environment within Egypt.