Egypt and the UAE have agreed to strengthen trade relations and boost bilateral exports between both countries. This agreement was made after a Memorandum of Understanding was signed between Etihad Credit Insurance, ECI, the UAE Federal Export Credit company and the Export Credit Guarantee Company of Egypt, ECGE in Dubai.

This agreement further strengthens the non-oil trade relationship between both countries.

According to data released by the UAE Ministry of Economy, the 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,

Massimo Falcioni, CEO of ECI while speaking at the event 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.”

Meanwhile, Mohamed Azzam, Managing Director of ECGE, emphasised, “Egypt is the UAE’s sixth-leading trading partner in the region while the UAE is Egypt’s second-leading trading partner. These are indicators of the strong and deep relationship shared between the UAE and Egypt. For ECGE, the MoU offers optimistic prospects for SMEs and businesses looking to enter high-growth markets through a broad suite of trade credit solutions.”

The alliance was formed during the UAE-Egypt Business Forum, organised by the UAE Ministry of Economy, in partnership with UAE International Investors Council and UAE-Egypt Business Council. The forum, which featured Massimo Falcioni as a keynote speaker, aims to provide businesses based in both countries with requisite market knowledge and business networks.

This partnership which was signed during the UAE – Egypt Investor’s Forum, which was organised by the UAE Ministry of Economy and the UAE Investor’s Council, and the Egypt-UAE Business Council. It aims to provide market information and build communication network for businesses in the two countries.

Culled from wam.ae