Enhancing Trade and Investment Cooperation between Uzbekistan and Egypt
Uzbekistan and Egypt Strengthen Trade and Economic Ties
On December 24, Uzbekistan and Egypt came together in Tashkent for a series of meetings aimed at bolstering their trade, economic, and investment connections. The discussions, which were spearheaded by Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, and Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation, emphasized the need to deepen cooperation between the two nations.
A notable highlight of the meetings was the significant increase in trade turnover between Uzbekistan and Egypt, with numbers doubling last year and continuing to rise. Various goods such as yarn, petroleum, chemicals, and agricultural products have seen a surge in supply. Currently, there are 15 Egyptian-invested enterprises operating in Uzbekistan, focusing on projects in food production, geological exploration, and infrastructure modernization.
The 7th session of the Uzbekistan-Egypt Intergovernmental Commission honed in on trade, economic, and scientific-technical cooperation. Reports were presented by heads of relevant ministries, departments, and industry associations involved in the fulfillment of existing agreements. Detailed analyses of ongoing projects were conducted, efficient solutions were proposed to expedite their successful implementation, deadlines were established, and accountable parties were designated.
Moreover, a business forum took place during which over 150 leaders of major companies from both Uzbekistan and Egypt participated. Egyptian companies like El Sewedy Electric, Hassan Allam Holding, ACDIMA, EPICO, Nile Sugar, Badawy Group, Masriya Machine, Ebtkarat Smart Systems, Solyphar, and Al Farouk For Import & Export were in attendance. The forum shed light on the favorable conditions in Uzbekistan that ensure entrepreneurs’ comfort and protect their rights and interests, in addition to showcasing the country’s investment and industrial potential.
As part of the program, a series of B2B and B2G meetings were held, offering entrepreneurs the chance to forge new valuable connections, delve into the specifics of mutually advantageous projects, and delve into trade agreements.
The day culminated in the signing of the Protocol of the 7th session of the Uzbekistan-Egypt Intergovernmental Joint Commission, alongside several bilateral agreements. These agreements covered various areas such as technical cooperation in environmental protection, regional collaboration between Samarkand region and Alexandria province, partnership between Egypt’s Supreme Council of Antiquities and Uzbekistan’s Center of Islamic Civilization, educational cooperation between Ain Shams University and Tashkent State Institute of Oriental Studies, and a Memorandum of Understanding between the Agency for the Development of the Pharmaceutical Industry and ACDIMA.
Overall, the meetings between Uzbekistan and Egypt showcased a dedication to reinforcing their trade and economic ties, opening up new avenues for collaboration and partnership between the two nations.
