Prospects for expansion of multifaceted cooperation between Uzbekistan and Egypt

On January 27 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with the newly appointed Ambassador Extraordinary and Plenipotentiary of the Arab Republic of Egypt to the Republic of Uzbekistan Amira Fahmy.

The meeting focused on a comprehensive discussion of the current state of the Uzbek-Egyptian relations in politics, trade, investment, transport and cultural and humanitarian cooperation, as well as priority areas of interaction for their further expansion.

The attendees noted that the economies of the two countries have all the necessary prerequisites and resources for a multiple increase in the scale of investment, trade and economic cooperation. In particular, they paid a particular attention to possible establishment of industrial cooperation between Uzbek and Egyptian manufacturers considering competitive advantages of various industries of the two countries.

They noted the significance of joint stimulation of business partnership between the two countries through the practical measures establishing direct contacts between the Uzbek and Egyptian business circles. In view of this, the attendees considered the proposal to open trading houses and business support centers in both countries.

The attendees emphasized the relevance of the systemic interdepartmental cooperation. This resulted in an agreement to hold a number of meetings and video-conferences between the top officials and experts of the Ministry of International Cooperation and the General Agency for Investment and Free Zones of the Arab Republic of Egypt and the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan in the near future to establish close contacts and identify medium and long term priorities.

Separately, they agreed to start a joint study of the creation of the Uzbek-Egyptian Business Council involving the Chamber of Commerce and Industry of Uzbekistan and the Federation of Egyptian Chambers of Commerce, as well as private sector companies of the two countries.

The meeting resulted in an agreement to hold the next meeting of the Uzbek-Egyptian Intergovernmental Commission for the Development of Trade, Economic, Scientific and Technical Cooperation in Tashkent, which plans to include a joint business forum and a number of G2B and B2B bilateral meetings.

The parties also agreed to develop and approve a joint Road Map to implement coordinated events specifying certain measures, deadlines and persons responsible from both sides.

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