Egypt, Uzbekistan ink key agreements to strengthen bilateral cooperation

Updated 12/25/2024 11:16:00 AM

Arab Finance: Egypt and Uzbekistan have signed four memorandums of understanding (MoUs) aimed at enhancing bilateral relations, as per a statement.

This came during the 7th session of the Egyptian-Uzbek Joint Ministerial Committee for Economic, Scientific, and Technical Cooperation, held in Tashkent, and co-chaired by Egypt's Minister of Planning and Economic Development, and International Cooperation, Rania Al-Mashat.

Al-Mashat signed a MoU with the Uzbek Ministry of Environment and Climate Change, focusing on technical cooperation in environmental protection and pollution reduction.

Another MoU was established between Ain Shams University and Tashkent State University of Oriental Studies to foster collaboration in academic programs and joint research initiatives.

Additionally, an MoU was signed between Egypt's Supreme Council of Antiquities and the Islamic Civilization Center in Uzbekistan.

A further agreement was made between the Samarkand region in Uzbekistan and Alexandria Governorate in Egypt to enhance commercial, economic, scientific, technical, and cultural ties.

Minister Al-Mashat emphasized that this session, held after 15 years, reflects the growing partnership between Egypt and Uzbekistan.

She noted that both countries' strategic locations present vast opportunities for bilateral collaboration, with Egypt serving as a gateway for Uzbek exports to Africa, and Uzbekistan positioned as a hub for Egyptian exports to Central Asia.

Despite the vast potential, the volume of trade and investment between the two nations remains low.

Currently, only 24 Uzbek companies are operating in Egypt across various sectors, including tourism, IT, and agriculture.

Uzbekistan aims to raise trade exchange to $500 million in the coming years by eliminating barriers and fostering private-sector partnerships.

The session covered key areas such as trade, investment, renewable energy, health, agriculture, and higher education.

Additionally, the ministers formalized a protocol for the 7th session of the joint committee, outlining collaboration across 14 sectors, including ICT, tourism, and civil aviation.