A host of Egyptian private companies have signed seven memorandums of understanding (MoU) with the Uzbek government to form investment partnerships in the sectors of pharmaceuticals, spinning and weaving, energy, electricity and health care.
This came during the Egyptian-Uzbek Business Forum held on Saturday in Cairo, which saw the participation of various Egyptian and Uzbek businessmen working in the sectors of electronics, industry, tourism, pharmaceutical industries and electrical products.
The forum, held ahead of the official visit of Uzbek President Shavkat Mirziyoyev to the Egyptian capital on Sunday, witnessed the presentation of promotional offers on investment opportunities available in Egypt and Uzbekistan.
During his visit, the Uzbek president attended a roundtable with Egyptian businessmen in the presence of Egypt’s Minister of International Cooperation Rania Al-Mashat.
Al-Mashat expressed the country’s aspiration for more joint work with Uzbekistan, stressing the importance of holding the joint business forum and the roundtable to enhance trade and investment cooperation between the two countries.
The Egyptian minister said the signed MoUs will enhance Egyptian-Uzbek economic ties and provide an opportunity for both sides to take advantage of investment opportunities and comparative advantages in various economic sectors, according to a statement issued by the international cooperation ministry.
Currently, Al-Mashat said, preparations are underway to hold the seventh session of the Egyptian-Uzbek Joint Committee for Economic, Scientific and Technical Cooperation in Tashkent by the end of the year.
The next edition of the Egyptian-Uzbek Business Forum is set to be held on the sidelines of the committee meeting.
On Monday, Egypt’s Minister of Trade and Industry Ahmed Samir met with Uzbek Deputy Prime Minister Jamshid Khodjaev.
Last year, the volume of trade exchange between Egypt and Uzbekistan reached $49.9 million, up 7 percent from $46.6 million achieved the year before, Samir said.