Updates on trade and zones from UAE and Egypt

TRADE-

Emirates’ Sharjah and Bangladesh ink MoU on bilateral trade: The SharjahChamber of Commerce and Industry (SCCI) signed an MoU with Bangladesh’s Dhaka Chamber of Commerce and Insudstry (DCCI) to strengthen bilateral trade and economic partnerships, Wam reports. The DCCI also signed an MoU with Dubai Chambers last month and organized a conference with its Abu Dhabi counterpart.

On a national level, President Sheikh bin Zayed Al Nahyan discussed increasing Emirati-Bangladeshi trade last May, and 2024 also saw AD Ports ink an MoU to develop and operate a multi-purpose port in Chittagong in Bangladesh.

ZONES-

#1- UAE’s IFZA to invest in Pakistan’s special economic zones: The International Freezones Authority (IFZA) signed an MoU with Pakistan’s government to invest in Pakistan’s special economic zones, according to a statement on X from Pakistan’s Prime Minister Shehbaz Sharif’s office.

REMEMBER- The UAE, Pakistan’s third-largest trading partner, also inked severalagreements with Pakistan just days ago to up cooperation in natural resources, logistics, ports, financial services, and infrastructure.

#2- Egypt’s Cabinet approves green industrial zone plans: The cabinet approved the establishment of a green industrial zone for petrochemical and green hydrogen production in the Gulf of Suez’s Ras Shukeir. It also gave an initial nod for the Transport Ministry to proceed with contracts for a green hydrogen and green ammonia project in Ras Shukeir in partnership with a consortium of international companies, the Red Sea Ports Authority, and the New and Renewable Energy Authority.