Egyptian firms, Uzbek government sign 7 MoUs in 5 sectors

CAIRO - 19 February 2023: The General Authority for Free Zones and Investment (GAFI) hosted Sunday in Cairo the meetings of the Egyptian-Uzbek Business Council, and that had the ministers of energy, culture, tourism, agriculture, health as well as members of industry and commerce chambers and federations in both countries.

The meetings were concluded by signing seven memoranda of understanding (MoUs) between the Egyptian private sector and Uzbek government in the sectors of pharmaceuticals, textile, energy, electricity, and healthcare. 

 

Uzbek Minister of Investments, Industry and Trade Kudratov Laziz Shavkatovic said that tomorrow's visit of President Shavkat Mirziyoyev to Egypt would mark a new push to investment ties between the two states. The minister equally noted that President Abdel Fatah al-Sisi's visit to Tashkent in 2018 represented a leap in the diplomatic and commercial relations.

Minister Shavkatovic also stated that he was holding meetings with representatives of the largest Egyptian textile and food processing companies in order to establish manufacturing partnerships. The minister added that Uzbekistan could be Egypt's gateway to Central Asian markets, while Egypt could be Uzbekistan's gateway to African markets, having a total of 1.3 billion consumers.  

On his side, Chairman of GAFI Hossam Heiba lauded the impact of reciprocating presidential visits on diplomatic and economic ties, saying they created promising cooperation opportunities, amid the global disruption in supply chains and prices of goods.

Heiba presented the investment opportunities in Egypt, incentives, and economic reforms carried out over the past year. He also shed light on the Golden License issued for investments having a developmental aspect.