Engineer Ahmed Samir, Minister of Trade and Industry, affirmed the Egyptian state’s aspiration to increase the orientation of Emirati companies towards investing and working in Egypt to take advantage of the attractive climate for investment and the system of incentives and distinctive facilities offered by the Egyptian government to investors in various productive and service sectors, in addition to the opportunities that this provides to benefit from the advantages The free trade agreements signed between Egypt and the countries of the world and the various economic and regional groupings, especially the markets of the Arab countries and the countries of the African continent, which in their entirety represent a promising market.
This came in the context of the minister’s speech during his participation in the activities of the Egyptian-Emirati Business Council, which was held in the presence of Abdullah bin Touq Al Marri, Minister of Economy of the sisterly Emirates, Eng. Al-Masry, and Minister of Trade Plenipotentiary Ashraf Hamdy, head of the Egyptian Commercial Office in Dubai.
The minister stressed the distinguished relations between the two brotherly countries and based on the deep understanding between Egypt and the United Arab Emirates, within the framework of brotherly relations and the appreciation that the political leadership and the Egyptian people have for their Emirati counterpart.
Samir pointed out that the Egyptian-Emirati relations are characterized by brotherhood, friendship and joint support in all fields, and are considered a successful model for cooperation between brothers, based on equality and common interests, at all levels of bilateral cooperation, noting that the two brotherly countries enjoy distinguished historical relations that he participated in establishing. The late Sheikh Zayed bin Sultan Al Nahyan, who believed in Egypt’s pivotal role and position in the region as a pillar of political and security stability in the Middle East, and the beating heart of the Arab nation, while the Arab Republic of Egypt considers the United Arab Emirates the first supporter of it and the Arab nation in general in various international forums.
The Minister noted that the world is currently witnessing exceptional international circumstances due to the impact of two successive global crises – the Corona pandemic since January 2020 and the Russian-Ukrainian crisis since last February – and they have cast a shadow on the current economic reality with unprecedented repercussions resulting in high inflation rates, slowing global economic growth and declining rates Production and investment flows, the instability of global supply chains and the high levels of indebtedness, pointing out that strengthening cooperation and joint action is the only way to overcome adversity and crises and exploit the opportunities and grants it offers.
Samir pointed out that the endeavor to advance and develop economic relations between Egypt and the UAE is based on a well-established basis of distinguished political relations between the two countries, a trend that receives all support and support from the political leadership in the two brotherly countries, pointing to Egypt’s keenness to create an atmosphere of permanent communication with the Emirati brothers, which It would reach common formulas between the two countries that push for the permanent development of relations at all levels, especially trade and investment relations.
The minister pointed out that the UAE is Egypt’s second largest trading partner in the Arab world, and the second largest investor with projects worth $7.8 billion until May 2022, in various fields, including real estate development, tourism, industry, finance, communications, and information technology. and agricultural investment.
Samir pointed out that the investment climate in Egypt has witnessed during the recent period many institutional reforms with the aim of facilitating and simplifying procedures for investors, which contributed to achieving positive results in the field of establishing companies in terms of time, cost and procedures for starting the activity, and in conjunction with that, a package of Legislations aimed at creating an attractive climate for local and foreign investment, including tax laws, investment, private sector participation in infrastructure projects, services, public utilities, and the new labor law, as well as launching an additional incentive package to invest in green economy projects in line with the state’s direction in this matter.
The minister stressed the stability of monetary policies in Egypt, allowing the transfer of profits of foreign companies investing in Egypt abroad, and that the Egyptian legislative system provides protection and guarantees for national and foreign investors.
Samir invited the Emirati business community to invest in the fields and sectors that offer promising investment opportunities in Egypt, which include real estate investment, infrastructure projects, especially water desalination projects, investment in securities, and investment in agricultural reclamation (one and a half million acres project), in addition to investment opportunities. available in the Suez Canal Economic Zone, as well as in the field of clean energy in Egypt, welcoming the participation of the UAE side in the climate summit scheduled to be held in Sharm El Sheikh in November 2022.
The minister indicated that this meeting represents a major step towards organizing and intensifying interaction between the business community in the two countries, in a framework that will undoubtedly contribute to advancing economic cooperation between the two countries during the next stage, stressing the importance of the pivotal role of the private sector in the two countries to achieve a breakthrough in joint economic and investment relations. Between the two countries.
The minister thanked the president and members of the Egyptian and Emirati sides of the Egyptian-Emirati Business Council and all those who organized this important event and the representatives of the Egyptian and Emirati business community for their keenness to participate in the meeting and the events that will follow, wishing everyone successful and fruitful consultations.
For his part, Abdullah bin Touq Al Marri, Minister of Economy of the United Arab Emirates, stressed that this meeting represents an embodiment of the diplomatic relations that began in 1972 between the two countries, to complete this year fifty years of cooperation in various economic, trade and investment fields, noting that the two countries are looking forward to start the next fifty years. On more sustainable and growing projects with the help of businessmen and women from the two countries, as they are the main engine of the locomotive of economic growth and bilateral cooperation in Egypt and the UAE, and the party entrusted with exploring and seizing distinguished economic opportunities in both markets and the UAE, especially in light of the successive global crises in recent years that have affected the economies of various countries.
Al-Marri pointed out the need for the Egyptian-Emirati Business Council to hold more meetings and events to present ideas and visions, and the necessity of forming sectoral work teams focusing on sectors of common interest in the food security sector, manufacturing, digital transformation, financing technology and the medical field to develop these sectors and come up with solutions to overcome the challenges that investors may face. From both countries in the brotherly countries market and proposed ways to establish an attractive investment environment, indicating that his ministry is fully prepared for fruitful cooperation with the Business Council and to overcome any obstacles that prevent the realization of its aspirations and goals.
The UAE Minister of Economy added that the Egyptian and Emirati governments have made unremitting efforts to put in place appropriate legislation and laws to attract investments, as the economic restructuring conducted by the UAE during the last two years had an important role in achieving economic growth. The list, where the law allowed 100% free foreign ownership in most economic sectors, and put in place a law to attract skills and golden and green residency for free labor, all to serve investors from different countries.
In turn, Eng. Gamal El-Sadat, head of the Egyptian side of the Egyptian-Emirati Business Council, stressed that investment in Egypt is currently a golden opportunity, especially in light of the projects that Egypt is currently opening in various agricultural, industrial and production fields in partnership with the private sector, as well as the unprecedented incentives and advantages granted by the Egyptian state. Currently, for local and foreign investors, and there is no evidence of this from the meeting of His Excellency President Abdel Fattah El-Sisi a few days ago with representatives of the business community from various sectors to emphasize the opportunities available to the private sector to support the development process of the Egyptian state and the state’s keenness to facilitate procedures related to investment in the industrial sector, noting that The Council will spare no effort to cooperate with the Egyptian government to remove any obstacles that may hinder Emirati investments in the Egyptian market. In addition, the Council will endeavor during the next stage to organize business trips to knock on doors in the Emirati market and present opportunities available in the Egyptian market to achieve mutual benefit for both countries.
Khadim Al Derei, head of the Emirati side of the UAE-Egypt Business Council, said that the UAE side is looking forward to increasing investments in the Egyptian market to become the largest Arab investor in Egypt and to make the most of the incentives and benefits offered by the Egyptian government to investors, as well as the promising investment opportunities available on the land of Egypt. Egyptian businessmen to inject new investments into the UAE market, especially in light of the great support given by the UAE to increase economic and investment cooperation with Egypt and to overcome any obstacles that Egyptian investors may face in the UAE in a way that benefits the economies of the two brotherly countries.