UAE and Egypt explore new pathways to enhance economic cooperation

Two countries agree to provide all support to the private sector to create new partnerships in the next phase

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a meeting with H.E. Eng. Ahmed Samir Saleh, Egyptian Minister of Trade and Industry, during which, he emphasized the depth and strength of bilateral relations between the two countries.

H.E Bin Touq said: “The strong ties that bind the two countries and their people, and the shared visions of our leaderships on many issues at the regional level have contributed to a more diversified and sustainable strategic economic partnership that is undergoing continuous growth.”

The meeting discussed new pathways to deepen economic cooperation in sectors of common interest, especially in the new economy fields. These include fintech, climate change, sustainable agriculture, agricultural innovation, food security, logistics, renewable energy, digital services and various industries.

The two sides agreed to expand and diversify the scope of existing economic and trade cooperation to include more future sectors, in addition to providing all aspects of support to the private sector. This will help explore more promising opportunities in both markets.

H.E. Bin Touq reviewed the most prominent developments in the UAE’s economic environment to facilitate the growth and prosperity of businesses and attract FDI, especially in the sectors of the new economy. These include the granting of up to 100 per cent foreign ownership; the introduction of legislation to protect intellectual property; and the launch of an ambitious strategy to attract talent and creative minds in all sectors to enhance the country’s position as a permanent hub for creativity and innovation. These efforts also align with the ‘We the UAE 2031’ vision, which aims to make the country a global hub for the new economy,

Furthermore, the Minister of Economy called on the Egyptian private sector to take advantage of the benefits and incentives offered by the UAE’s economy to grow and expand in the markets of the country, the wider Gulf region and Asia. These include the global investment platform "Investopia", aimed at creating opportunities and enabling future investments, in addition to the comprehensive economic partnership agreements that the UAE has signed so far, with India, Israel, Indonesia and Turkey. Negotiations with more target markets are currently underway.