Uzbekistan seeks $500M trade target with Egypt, signs 6 key cooperation agreements

CAIRO – 25 December 2024: Egypt and Uzbekistan have solidified their bilateral relations by signing six cooperation agreements during the 7th Session of the Joint Committee on Economic, Scientific, and Technical Cooperation. The meeting, co-chaired by Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania A. Al-Mashat, and Uzbekistan’s Minister of Investment, Industry, and Trade, Laziz Kudratov, marked the first committee session in 15 years, demonstrating a renewed commitment to partnership.

 

The agreements include memorandums of understanding (MoUs) on environmental protection, academic collaboration, cultural heritage, and regional partnerships. Notable highlights include a partnership between Egypt’s Supreme Council of Antiquities and Uzbekistan’s Islamic Civilization Center to foster artistic and scientific exchange, and an agreement between Ain Shams University and Tashkent State University of Oriental Studies to promote joint academic and research activities.

 

Both ministers also signed the session’s protocol, which outlines cooperation across 14 developmental sectors. These include trade, public-private partnerships, energy, tourism, transportation, and higher education, reflecting a comprehensive roadmap for collaboration between the two nations.

 

Uzbekistan’s Minister of Investment, Laziz Kudratov, expressed an ambitious goal to raise trade exchange between the two countries to $500 million in the coming years. He emphasized removing barriers and challenges to trade and extended an invitation for Egyptian businesses to participate in upcoming exhibitions in Uzbekistan. Kudratov also proposed establishing an Egyptian-Uzbek Business Council to facilitate private sector partnerships, underscoring the importance of leveraging Egyptian expertise in pharmaceuticals, electronics, and textiles for significant regional projects.

 

The session underscored a shared vision of leveraging the strategic positions of both countries to enhance trade and investment ties, building on historical and cultural connections to drive economic growth and development.