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Egypt, UAE pen agreement to strengthen economic cooperation

Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib and the UAE’s Minister of Economy Abdullah bin Touq Al-Marri signed the minutes of the fourth session of the Egyptian-Emirati Joint Economic Committee in the UAE, as per a statement.

The signing reinforces commitments to enhance trade, investment, and economic cooperation between the two countries.

El-Khatib stated that the session aimed to activate the trade, economic, and technical cooperation agreement between the two governments to boost communication and trade exchange.

Negotiations were also launched on a comprehensive economic partnership agreement to expand investment opportunities and modern technology applications.

He highlighted Egypt’s recent legislative and procedural reforms to improve the investment climate, particularly in industry, citing the Investment Law and the 2017 law facilitating industrial licensing.

These measures aim to attract more investments and strengthen trade ties.

The meeting coincided with the fourth session of the Investopia Summit, which hosted international business forums and discussions on future investment trends, entrepreneurship, and partnerships with investors from Arab and Central Asian countries.

El-Khatib noted that such initiatives contribute to economic growth and encourage strategic investments.

The two sides also agreed on cooperation in industry, technology, and innovation, including the exchange of expertise in establishing and managing industrial complexes.

Further agreements were made in energy, electricity, and renewable energy, as well as agriculture, food security, health standards, transportation, logistics, infrastructure, housing, tourism, and healthcare.