The economic partnership between the United Arab Emirates (UAE) and Egypt is taking monumental strides as the two nations reinforce their trade and investment ties. Recently, the Egyptian Minister of Investment and Foreign Trade, Hassan El-Khatib, along with 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 during the Investopia Summit held in the UAE.
This significant meeting aimed to activate previous agreements focusing on trade, technical cooperation, and investment. El-Khatib noted, "The session aimed to activate the trade, economic, and technical cooperation agreement between the two governments to boost communication and trade exchange." This statement reflects the commitment both countries share to enhancing their economic collaboration.
The discussions also opened doors for negotiations on a comprehensive economic partnership agreement, which is set to expand investment opportunities and adapt modern technology applications to benefit both nations. El-Khatib stressed the need for such partnerships, emphasizing Egypt’s recent legislative and procedural reforms aimed at improving the investment climate, especially within the industrial sector. Key legislations include the Investment Law and the 2017 law facilitating industrial licensing.
These reforms are strategically aimed at attracting more foreign investments, strengthening trade ties between the nations, and fostering economic growth. The Egyptian government is focused on creating a more enticing environment for investors, making this collaborative effort even more pertinent.
At the Investopia Summit, which coincided with this meeting, local and international business forums engaged with discussions pertaining to future investment trends, entrepreneurship, and partnership opportunities not only with Emirati investors but also with stakeholders from Central Asia. This summit is pivotal, as it supports key initiatives contributing to economic growth and encourages strategic investments.
Further, as both countries evolve their economic strategies, they have found common ground for cooperation across various sectors including industry, technology, innovation, energy, renewable energy, and health standards. The two sides have agreed to exchange expertise and collaborate on establishing and managing industrial complexes, which will likely play a significant role in boosting mutual economic interests.
Agreements covering agriculture, food security, transportation, logistics, infrastructure, housing, tourism, and healthcare were also laid out during the discussions. These comprehensive agreements demonstrate the intention of the UAE and Egypt to forge enduring ties, facilitating knowledge transfer, and ensuring economic progress.
On another note, enhancing digital security has also been highlighted, where KPMG was recently certified as a provider under the Dubai CyberForce Program. Timothy Wood, Partner and Head of Cyber Security at KPMG noted, "We are proud to be recognized under the Dubai CyberForce Program as a Certified Provider,” highlighting the company's dedication to strengthening Dubai's security infrastructure. He added, "This certification recognizes KPMG’s dedication to delivering world-class cybersecurity solutions.”
This aspect of cybersecurity is particularly pertinent as recent analyses show the UAE is facing more than 200,000 daily cyberattacks, targeting strategic sectors. This makes having reliable security partners like KPMG not just beneficial, but necessary for the region’s stability.
The collaborative actions taken by the UAE and Egypt demonstrate their commitment to not only improving economic metrics but also establishing strong frameworks for securing their digital infrastructure and building resilience against cyber threats. The synergies created through these improvements can bolster both economies significantly, paving the way for future growth and sustainability.