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UAE and Egypt aim to increase trade

Gulf News 07/12/2006 (UAE)

UAE and Egypt aim to increase trade

By Ahmed A. Elewa, Staff Reporter

Abu Dhabi: The UAE and Egypt are seeking to increase trade from last year’s $623 million and enhance the flow of investments between them, according to senior officials and businessmen.

"The UAE is proposing the setting up of a joint technical committee to study the establishment of a UAE/Egyptian investment holding company. We also suggest the establishment of a business council, and a permanent market for Egyptian products," said Salah Al Shamsi, director of the UAE Federation of Chambers of Commerce.

Al Shamsi was speaking yesterday to prominent Egyptian businessmen who are visiting Abu Dhabi with a delegation headed by Prime Minister Dr Ahmad Nadeef that includes the ministers of finance, investment, transport and tourism.

From the UAE, all members of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and business leaders from the emirate were present.

"We do not need a free trade agreement with the UAE as there is already the Pan-Arab Free Trade Agreement (PAFTA), which we will implement," Dr Nadeef told Gulf News.

PAFTA is an agreement to establish a pan-Arab free trade area by 2008.

"We are committed to this agreement, and we will open up further," Nadeef added.

Members of the UAE business community expressed other concerns, such as red tape and the quality of the Egyptian road network.

"We have introduced the one-stop shop concept at the investment authority, where 32 authorities are represented to meet the requirements of the various business activities," Nadeef said, addressing investor concerns.

 source: Gulf News