Egypt, Djibouti discuss developing trade exchange, joint investments

Newspaper Title: https://dailynewsegypt.com/

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Tuesday - 2 August 2022

Egypt’s Minister of Trade and Industry Nevine Gamea met Djibouti’s Minister of Trade and Tourism Mohamed Warsama Dirieh and his accompanying delegation in Cairo on Monday.

The meeting discussed ways to develop joint economic and trade relations between the two countries. The meeting also tackled the current global economic developments in light of the COVID-19 pandemic and the Russian-Ukrainian crisis.

Gamea said that the visit of the Djibouti Minister to Cairo at the head of a delegation that includes a number of senior Djibouti’s businessmen represents an important step towards strengthening trade relations between the two countries and a distinct opportunity to increase Egyptian exports to Djibouti by meeting needs of Djiboutian market of agricultural crops and food products.

President Abdel-Fattah Al-Sisi previously directed the government to overcome all challenges that hinder trade exchange between the two countries, especially in light of the presence of a direct flight line and a shipping line between the two countries. This contributes to the development of the intra-trade movement and facilitates the transfer of investors and businessmen between the two countries.

Gamea highlighted the importance of supporting joint efforts to establish an Egyptian logistic zone in Djibouti, which would provide the needs of the Djiboutian market for Egyptian products.

The volume of trade exchange between the two countries witnessed a tangible development during the past year, reaching $95m, compared to $82.1m in 2020, an increase of 15.7%. Egyptian exports to Djibouti amounted to $88.3m, and Egyptian imports reached $6.7m.  The most prominent goods of trade exchange between the two countries included nitrogen fertilizers, mixtures of aromatic materials, cleaning preparations, live camels, and Arabic gum, according to the Egyptian Minister.

The minister stressed the importance of activating the memorandum of understanding signed between the two countries in 2016 in the field of developing joint trade relations, confirming the importance of strengthening cooperation and benefiting from distinguished Egyptian expertise and capabilities in the fields of agriculture, exhibitions and infrastructure.

Djibouti’s Minister Dirieh affirmed his country’s keenness to expand economic cooperation with Egypt, especially in light of the Russian-Ukrainian crisis and the COVID-19 pandemic and its negative repercussions on the global economy.

Dirieh stated: “It is important to benefit from the great Egyptian experiences in all industrial and agricultural fields. Djibouti represents a strategic depth for Egypt in the Red Sea region.”