US $ 4.9 billion in trade between the UAE and Egypt in 2017

MEDIA IN – Abu Dhabi 13 May 2018 / WAM /
The volume of trade exchange between the UAE and the Arab Republic of Egypt during last year was $ 4.9 billion, compared with $ 2.8 billion in 2012.
This came in a reading prepared by the Department of Trade Policies and International Organizations at the Ministry of Economy, which reflected a significant development in the Egyptian economic growth process, especially in terms of creating jobs, attracting investments and improving manufacturing capacities.
The UAE imports from Egypt grew from $ 649 million in 2012 to $ 2.1 billion in 2017 and the UAE’s re-exports sector grew to $ 2 billion from $ 1.5 billion in the same period.
The report highlighted the strong relations between the UAE and Egypt in terms of investment exchange and intensive efforts between the two sides to cooperate in developing and formulating partnership visions to explore opportunities to stimulate trade and investment cooperation and partnership areas at the governmental and private levels.
The report reviewed the diversification of the Egyptian export base during the review period. The percentage of exports of fuel products out of total exports reached an estimated 14.3 percent in 2016. Vegetable exports accounted for 12.5 percent of total merchandise exports in 2016 compared to 8.7 percent in 2011 and precious stones Minerals by 11.8 percent, chemicals by 11.3 percent, textiles by 11.2 percent, imports of goods by US $ 58.1 billion by 2016, while electrical equipment and appliances are the major imports, accounting for 16.1 percent of total imports Followed by mineral fuels (14.2 percent) and basic metals (11.4 percent).
The report also highlighted the existence of significant changes in investment policies in Egypt, especially with the entry into force of the new investment law No. 72/2017 in May 2017, which included a package of investment incentives as grants for discounts on taxable profits, import duty rates, exemptions from editors’ fees, And registration for the first five years of the registration period of the institution or investment entity in the Commercial Register.
The report highlighted the existence of 13 specialized investment zones in various fields in Egypt with the same privileges granted to free zones. A new government agency was established in 2017 to support micro, small and medium enterprises. The budget allocated for this purpose is about 5 billion pounds in 2017. Egypt provides regional incentives in the form of a discount on net taxable profits.