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Egypt, Uzbekistan strengthen cooperation with new investment projects

Tuesday, 21 February 2023 18:20
Egypt, Uzbekistan strengthen cooperation with new investment projects

(Ecofin Agency) - In recent years, the number of joint projects implemented by Uzbekistan and Egypt has increased sixfold, according to Uzbek President Shavkat Mirziyoyev. During the latter's ongoing visit (February 20-21) to Egypt, new cooperation agreements were signed.  

Egypt and Uzbekistan want to increase bilateral cooperation through new investments in several sectors, according to a release issued by the Uzbek Ministry of Investment, Industry, and Trade on Monday 20 February.

According to the release, discussions were held to deepen cooperation in the fields of trade, economy, and investment. "The parties agreed on a number of practical measures to establish a joint Industrial Cooperation and Distribution Center in Port Said, develop and sign a Preferential Trade Agreement, establish a joint Business Council, and hold its first meeting in the second half of 2023 in Tashkent," it informs.

The two parties also agreed "to develop and approve a "Roadmap" to deepen cooperation in the field of industrial cooperation in a short time." The 7th meeting of the Uzbek-Egyptian Intergovernmental Commission on trade, economic, scientific, and technical cooperation is also expected to be held in September in Tashkent, the Uzbek capital.

On the sidelines of these meetings held during a visit of Uzbek President Shavkat Mirziyoyev to Egypt, an Uzbek-Egyptian business forum was also held. The event was attended by about 200 representatives of major companies from both countries.

According to Uzbek media, more than 20 agreements and contracts worth some $1.6 billion were signed during the event. The signed agreements mainly concern joint projects in the chemical, energy, mining, textile, leather and footwear, construction, and pharmaceutical industries. They also include the development of industrial zones, the implementation of infrastructure projects, and the production of foodstuffs.

"In an interview with the Chairman of Air Cairo Hussein Sherif, the possibilities of expanding the geography and increasing the number of direct flights between Uzbekistan and Egypt were discussed. The Egyptian side expressed readiness to launch regular flights in the direction of Cairo–Tashkent–Cairo in the near future and announced the company's intentions to increase the number of flights to 14 per week, including to Hurghada and Sharm el-Sheikh," the Uzbek Ministry of Investment discloses. 

Jean-Marc Gogbeu

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