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  • Saturday, 26 February 2022

Egypt is an Export Gateway for Private Investors’: Minister of International Cooperation, Azerbaijan Extend Partnership to Boost Trade and Investment Ties

Minister Rania A. Al-Mashat: these agreements reflect a ‘fruitful breakthrough’ in the strategic partnership between Egypt and Azerbaijan

Minister Rashad Nabiyev: Egypt and Azerbaijan’s partnership will continue to evolve and extend in the coming period Famed as the next export destination for Africa and Asia, Minister of International Cooperation, Dr. Rania A. Al-Mashat, called on the Azerbaijani private sector companies and businesspeople in all sectors to capitalize on the investment opportunities in Egypt, including the Suez Canal’s investment fund, real estate development projects in the New Administrative Capital, as well as industrial cities and projects in the energy sector. This statement came during her speech at the opening of the activities of the Egyptian-Azerbaijani Businessmen Forum, which comes within the work of the Joint Committee for Economic, Scientific and Technical Cooperation being held in Baku under the leadership of Minister Dr. Rania Al-Mashat and Minister Rashad Nabayev.

Minister of International Cooperation, H.E. Dr. Rania Al-Mashat, held a meeting with Dr. Ali Asadov, Prime Minister of Azerbaijan, as part of the activities of the Egyptian-Azerbaijani Joint Committee for Economic, Scientific and Technical Cooperation. The Prime Minister expressed the Azerbaijani government's pride in the Egyptian-Azerbaijani relations, especially in light of the Azerbaijani Republic's presidency of the Non-Aligned Movement.

Establishing the basis for a broad and comprehensive economic partnership, the two sides signed five agreements in investment, trade and industry, health, pharmaceuticals, electricity and renewable energy, petroleum and mineral wealth, higher education and scientific research, culture, youth and sports, tourism and antiquities, communications and information technology, agriculture, transportation, as well as cooperation between the two countries’ economic zones. Spurring knowledge exchange and technical cooperation, a memorandum of understanding for cooperation was also signed between the Small, Medium and Micro Enterprise Development Agency in Egypt and the Agency for the Development of Medium and Small Enterprises in Azerbaijan. This is in addition to the signing of another memorandum of understanding for the establishment of the Egyptian-Azerbaijani Business Council between the Ministry of Trade and Industry in Egypt and the Azerbaijan Export and İnvestment Promotion Fund (AZPROMO) to leverage the private sector's role in development. As trade is regarded as a key pillar in strengthening countries' economic resilience, a memorandum of understanding was signed for cooperation between the port of Alexandria in the Arab Republic and the port of Baku in the Republic of Azerbaijan. Minister of International Cooperation, Dr. Rania A. Al-Mashat, noted that this is her second visit to Baku, and that these agreements reflect a ‘fruitful breakthrough’ in the strategic partnership between Egypt and Azerbaijan, which extends over decades. In the last 24 years, the exports of Egypt to Azerbaijan have increased at an annualized rate of 21.7%, from $87.5k in 1995 to $9.77M in 2019.

For his part, Azerbaijan’s Minister of Transport, Communications and High Technologies, Rashad Nabiyev, noted that the coming period may witness further areas of cooperation in technology, which covers a broad range of services, as well as cultural exchange between the two sides.

The joint businessmen forum was held with the participation of representatives from the General Authority for Investment and Free Zones, the General Federation of Egyptian Chambers of Commerce, the Azerbaijan Export and İnvestment Promotion Fund (AZPROMO), 24 businessmen and representatives of the Egyptian private sector, and representatives of Azerbaijani companies. Leveling-up infrastructure, modernizing cities and trade, and boosting the energy sector, the Minister noted that Egypt has risen as the next destination for investment for the private sector, which is backed by the stabilization of the economy in recent years as a result of the structural and reform policies that were undertaken. As Egypt is rising as the next export gateway to Africa and Asia, particularly in light of the competitive advantages it possesses logistically, the Minister called on the business community and the private sector in the two countries to capitalize on this key opportunity and enhance engagement to diversify areas of cooperation in various development sectors. She added that the strategic partnership between Egypt and Azerbaijan can open doors for new paths of trade exchange between the two countries, which comes against the backdrop of strengthened Egyptian-African relations through the African Free Trade Agreement, which could open markets for Azerbaijani exports through Egypt. For his part, Rashad Nabiyev, Minister of Transport, Communications and High Technologies of Azerbaijan, hailed Azerbaijan’s bilateral relations with Egypt that began nearly 30 years ago, which saw the signing of 56 agreements in various fields of cooperation. He referred to his country's development strategy, which includes supporting and developing small and medium enterprises and enhancing the role of the private sector, calling on Egyptian companies to identify investment opportunities in Azerbaijan.