UAE and Egypt to strengthen trade relations
Thursday, 12 19 2019, Category: Economy, Country: U.A.E
The UAE and Egypt have agreed to strengthen trade relations and boost bilateral exports between the two countries through a Memorandum of Understanding signed between Etihad Credit Insurance, ECI, the UAE Federal Export Credit company and the Export Credit Guarantee Company of Egypt, ECGE.
The agreement, signed by Massimo Falcioni, CEO of ECI and Mohamed Azzam, Managing Director of ECGE, in the presence of senior officials from both institutions, further cements the strong non-oil trade relationship between UAE and Egypt.
UAE-Egypt non-oil trade in 2018 amounted to AED20.1 billion, a 14.6 percent growth compared to AED17.6 billion in 2017 indicating a strong overall strategic partnership between the two countries, according to data released by the UAE Ministry of Economy.
Furthermore, the UAE ranks first globally in terms of investments in Egypt with total FDI amounting to AED24.3 billion reflecting the activity of 990 Emirati companies that invested in Egypt at the end of 2018. Egypt, on the other hand, ranks 28th globally in terms of investing in the UAE with total FDI valued at AED3.3 billion during the same period.
Commenting on the strategic cooperation between ECI and ECGE, Massimo Falcioni, CEO of ECI, said, "Taking into account the very strong non-oil trade relations between Egypt and the United Arab Emirates, this agreement will pave the way for the identification and development of more business opportunities. ECI’s partnership with ECGC will not only reinforce the existing partnership between the two countries but will also boost the regional and global competitiveness of local businesses."
Source: Emirates News Agency