The volume of trade between Egypt and the UAE is expected to double from its present level to more than 8 billion dirhams in the next three years, Investment Minister Mahmoud Mohieldin told Emirates Business.
He said Egypt was looking to boost its exports to the UAE by at least 15 percent. "The current trade exchange, which reached $1.1 billion (4.04 billion dirhams) in 2009 does not reflect the strong political relations and historical ties between the leadership and people of the two countries," he added.
Egypt, he said, was doing its best to remove hurdles in the way of doubling the trade exchange. Several branches of major UAE banks such as Mashreq, Abu Dhabi Islamic Bank, National Bank of Abu Dhabi and Union National Bank, have been recently opened in Egypt, he said.
Likewise, the opening of branches of Egyptian banks such as Banque Misr in the UAE will strengthen trade and increase exports, especially as Egypt has set an export target of LE 200 billion (Dh130.11bn) by 2013, he added.
