Azernews.Az

By Ayya Lmahamad

Azerbaijan and Egypt have signed several cooperation agreements following the results of the meeting of the joint intergovernmental commission on economic, technical and scientific cooperation between the two countries.

The memorandum of understanding was signed between Azerbaijan's Small and Medium Business Development Agency and Egypt's Micro, Small and Medium Business Development Agency.

Azerbaijan's Export and Investment Promotion Foundation signed cooperation agreements with Egypt's Trade and Industry Ministry on the establishment of the Azerbaijan-Egypt Business Council, as well as with the Association of Egyptian Businessmen.

Moreover, a memorandum of understanding was signed between Baku International Sea Trade Port CJSC and the Port of Alexandria.

In addition, the protocol of the fifth meeting of the joint intergovernmental commission was signed.

Joint Intergovernmental Commission

During the meeting of the joint intergovernmental commission, Azerbaijani Digital Development and Transport Minister Rashad Nabiyev stated that Azerbaijan and Egypt are friendly countries with high economic and cultural relations.

He noted that this year marks the 30th anniversary of the establishment of diplomatic relations between the two countries.

The minister briefed the Egyptian delegation on the restoration and reconstruction work carried out in Azerbaijan's liberated territories. He stressed that the opening of communications and the restoration of economic relations after the war, especially the implementation of the Zangezur corridor will contribute to stability and development in the region and further enhance its transit potential.

Rashad Nabiyev brought to the attention of the participants the country’s macroeconomic indicators over the past year, as well as the work done and planned in the fields of transport and digital transformation in Azerbaijan.

The parties discussed possibilities for cooperation in the areas of trade, industry, mutual investments, education, culture and tourism.

Azerbaijan-Egypt Business Forum

An Azerbaijani-Egyptian business forum was held within the framework of the fifth meeting of the joint intergovernmental commission, under the organization of Azerbaijan's Export and Investment Promotion Foundation.

Rashad Nabiyev underlined the importance of the business forum in expanding ties between the business communities and invited businessmen to active discussions.

Egyptian International Cooperation Minister Rania Al-Mashat emphasized ample opportunities for developing economic cooperation between the countries and noted the importance of such events in expanding Azerbaijani-Egyptian trade and economic ties.

Moreover, Foundation's Head Yusif Abdullayev briefed on the activities of the organization, work carried out on expansion of cooperation with foreign partners, and the attraction of investments in the non-oil sector.

Azerbaijan's Small and Medium Business Development Agency Board Chairman Orkhan Mammadov pointed out that a business forum is a favorable platform to promote cooperation between businessmen, and spoke about Agency's activities, support to businessmen and services provided. He underlined the Agency's readiness to support joint initiatives of business representatives.

Furthermore, Alat Free Economic Zone Board Chairman Valeh Aleskerov informed about the work done in the economic zone and opportunities for logistics/

The forum included presentations on the investment climate created in Azerbaijan and Egypt.

The business forum continued with bilateral meetings to expand ties between business people and discuss new areas of cooperation.

The forum was attended by representatives of over 50 companies from both countries, representing agriculture, food industry, medicine, construction, information technology, finance and other fields.

The trade turnover between Azerbaijan and Egypt amounted to $42.4 million in 2021. In addition, the trade turnover between the two countries amounted to $562,460 in January 2022.

Earlier, Egypt also expressed interest in participating in projects in Azerbaijan’s liberated territories.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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