Page 44 - MOE ENGLISH PR REPORT - FEBRUARY 2024

Press Release

The Egyptian Minister expressed her pleasure in meeting with H.E. Bin Touq and in exchanging
views on cooperation and collaborative projects between the two countries that enjoy a long-

standing relationship in various political, economic, and cultural aspects, serving as a remarkable

example of Arab-Arab relations. She highlighted that the Egyptian government is committed to
enhancing this strategic partnership and maximizing the potential for cooperation, particularly in

the areas of economy and development.

Furthermore, H.E. highlighted the partnership between the Egyptian Ministry of Planning and

Economic Development and the UAE in enhancing institutional performance, government
services, innovation, excellence, and digital transformation. This partnership aims to improve the

effectiveness of state institutions in delivering services and implementing diverse development

initiatives.

The two parties discussed improving the prospects for shared economic relations and fostering

communication channels between the UAE and Egyptian private sectors to create new growth
avenues for businesses, particularly considering the abundance of diverse economic opportunities

in both markets. In addition, there is an opportunity to offer more facilities and incentives to

exporters and importers in order to enhance their contributions to the economic growth and
sustainability of both nations.

The meeting saw the exchange of expertise on the development of flexible economic strategies to
drive forward sustainable economic development. In this context, H.E. Bin Touq elaborated on the

comprehensive development of the UAE's economic legislation and its role in strengthening the

competitiveness of the business environment and establishing its regional and global leadership.
This includes the issuance and development of new legislation in areas such as cooperatives,

commercial transactions, the commercial registry, and family businesses. The aim is to allow 100
per cent full foreign ownership of companies, streamline procedures for establishing business

operations, and foster global openness through strategic partnerships with targeted international
markets. Furthermore, H.E. Bin Touq highlighted the promising investment opportunities in the

UAE across various sectors such as tourism, family businesses, e-commerce, manufacturing,

sustainable transport, and technology.

-Ends-