H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Andris Razans, the Ambassador of Latvia in Egypt, to discuss expanding and enhancing the scope of cooperation between the two countries.
During the meeting, Dr. Rania Al-Mashat emphasized the depth of diplomatic and economic relations between Egypt and Latvia, which began in 1994 with the signing of the Economic, Scientific, and Technical Cooperation Agreement.
Al-Mashat affirmed Egypt's keenness to elevate Egyptian-Latvian relations to a strategic level, noting that the two countries' locations - Egypt in the heart of the Middle East and Latvia in Northern Europe - contribute to strengthening bilateral relations in various fields.
H.E. pointed out the importance of maintaining and strengthening bilateral relations between Egypt and Latvia, and recognizing the growing areas in which the two countries can enhance cooperation.
Dr. Rania Al-Mashat addressed a number of proposed areas of cooperation, noting cooperation in the field of renewable energy, including solar and wind projects, as well as technology and innovation, which is witnessing growth in Egypt, noting Latvian expertise in ICT and FinTech.
Regarding the proposed areas of cooperation between the two parties, H.E. highlighted Egypt's focus on large-scale infrastructure projects, as well as tourism and culture, emphasizing the possibility of increasing tourism rates between the two countries, while ensuring cultural exchange, academic partnerships, and enhancing tourism to build deeper ties between the peoples of both countries.
It is worth noting that the volume of trade exchange between Egypt and Latvia in 2023 amounted to approximately $80.8 million, as Egypt's exports to Latvia amounted to $8.7 million, while Egypt's imports from Latvia totaled $45.8 million in 2023. Additionally, the total capital of Latvian investments in Egypt was approximately $3.83 million as of September 2024, through 25 existing companies, and Latvia's contribution to investment flows is estimated at about $2.1 million, distributed across several vital sectors such as tourism, services, industry, construction, telecommunications and information technology.