CAIRO - 21 February 2023: The Minister of International Cooperation, Rania A. Al-Mashat, participated in the round table, chaired by the President of Uzbekistan Shavkat Mirziyoyev, with Egyptian businessmen and companies at the conclusion of the Egyptian-Uzbek Business Forum.
The round table is part of the president’s first visit to Egypt, in light of the distinguished relations between the two countries, and the mutual high-level visits in order to advance relations on all levels, as well given the previous visit of President of the Arab Republic of Egypt, President Abdel Fattah El-Sisi to Uzbekistan, which witnessed the signing of several documents of joint cooperation.
The round table witnessed the participation of the Uzbek Ambassador in Cairo, the ministers within Uzbekistan’s delegation, and many businessmen and private sector companies in the field of data centers, medicines, renewable energy and other industries, including Ahmed El Sewedy, CEO of El Sewedy Electric; Khalil Ibrahim, CEO of Fresh Electric Company; Ihab Mehawed, Managing Director of Orascom Construction; Hossam Gabr, Chairman and CEO of Lotus Garment Company; Ibrahim Mahmoud Al Araby, Chairman of Al-Araby Group; Olfat Ghorab, the Chairman of the Board of Directors of Acdima Pharmaceutical Company; Sherine Hassan Abbas Helmy, Pharco's CEO; Sherif El-Gabaly, the Chairman of Board of the Egyptian Chamber of Chemical Industries (FEI); Medhat Al Araby, Vice President of El-Araby Group; and Abdel Rahman Al-Jabbas, CEO of Al-Rawad.
In her speech, the Minister of International Cooperation welcomed the President of the Republic of Uzbekistan, in his visit to the Arab Republic of Egypt, stressing the depth of relations between the two countries and the Egyptian state's desire for further joint work.
She pointed out the importance of holding the Joint Business Forum and the Roundtable of Egyptian Companies with her in order to strengthen trade and investment cooperation between the two countries, which reflects the essence of international development and its contribution to building sustainable development and economic growth.
The Minister noted that the round table, which culminates the results of the Egyptian-Uzbekistan Business Forum, with the participation of various businessmen from both sides of the sectors: electronics, industry, tourism, pharmaceutical industries and electrical products, and the signing of 7 trade contracts between the Egyptian and Uzbek sides in the fields: pharmaceutical manufacturing and electronics, and increasing trade and investment cooperation between the two countries, thus strengthening and strengthening economic ties between the two countries and allowing the parties the opportunity to show investment opportunities and relative advantages in different economic sectors.
Al-Mashat also referred to the ongoing arrangements for holding the meetings of the seventh session of the Egyptian-Uzbek Joint Committee for Economic, Scientific and Technical Cooperation, in Tashkent during the last quarter of this year, headed by the Ministry of International Cooperation on the Egyptian side and headed by the Ministry of Investments, Industry and Trade on the Uzbek side, to strengthen economic cooperation relations between the two countries.
The two countries, as well as the Egyptian-Uzbek Business Forum, which will be held on the sidelines of the seventh session meetings to increase investment cooperation between the two countries and discuss the establishment of joint projects with Egyptian and Uzbek capital, pointing out that the coming period will witness many mutual meetings between the two sides and technical meetings to share all the details related to the committee meeting.
She added that the Government of Egypt views the private sector as a major partner and engine of economic growth in the Arab Republic of Egypt, as the political leadership in the Arab Republic of Egypt has adopted a comprehensive program for economic reform since 2016, which includes structural reforms in all economic sectors. That, in addition to monetary and financial reform policies, and legislative measures aimed at improving the investment environment, encouraging domestic and foreign investments, reducing the budget deficit and the balance of payments, and continuing to achieve growth rates as well as investing in infrastructure and social services, and providing the labor market with the skills necessary for economic development.
Al-Mashat explained that as a complement to the reform efforts undertaken by the Government of Egypt in the framework of strengthening the role of the private sector in economic activity, and creating a supportive and attractive economic environment for investments, Egypt is working on several measures aimed at expanding the scope of private sector participation in development, and strengthening partnerships between the public and private sectors, to achieve inclusive and sustainable growth.
The Egyptian-Uzbek Business Forum was held yesterday, with the participation of various Egyptian and Uzbek businessmen working in the sectors: electronics, industry, tourism, pharmaceutical industries and electrical products, and with the participation of all national authorities, headed by Hossam Heiba, President. General Authority for Investment and Free Zones (GAFI) and Laziz Kudratov , Minister of Investments, Industry and Trade of the Republic of Uzbekistan.
The forum witnessed the signing of seven Memoranda of Understanding (MoU) between the Egyptian private sector and the Government of Uzbekistan for investment partnerships in the pharmaceutical, textile, energy, electricity and healthcare sectors, as well as promotional presentations on investment opportunities in the Arab Republic of Egypt, as well as investment opportunities and investment facilities for foreign investment in the Republic of Uzbekistan.