Uzbekistan investment minister urges creating digital platform to boost business ties with Egypt

This proposal was made during the seventh session of the Egyptian-Uzbek Joint Committee for Economic, Scientific, and Technical Cooperation, which took place after a 15-year hiatus.

During the session, Kudratov also expressed his support for establishing a joint Egyptian-Uzbek Business Council to enhance private-sector collaboration.

Furthermore, he invited Egyptian companies to participate in exhibitions set to be held in Uzbekistan in 2025.

The Uzbek minister also emphasized his country's commitment to boosting relations with Egypt. They aim to increase bilateral trade to $500 million in the coming years.

He stressed that overcoming existing challenges and barriers will be crucial to achieving this target.

Egyptian Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat highlighted the seventh session's historical significance, noting that it was a direct outcome of President Abdel-Fattah El-Sisi’s visit to Uzbekistan in 2018.

She pointed out that the visit has opened doors to furthering bilateral relations, particularly in trade and investment.

Furthermore, Al-Mashat emphasized Egypt’s role as a gateway for Uzbek exports to Africa and Uzbekistan’s strategic position as a key hub for Egyptian exports to central Asia.

Despite the growing potential for collaboration, Al-Mashat acknowledged that current trade and investment levels between the two nations were still below expectations.

According to Trade Map data, the trade volume between Egypt and Uzbekistan decreased to $36 million in 2023, down from $50 million in 2022.

Only 24 Uzbek companies currently operate in Egypt, primarily in the tourism, telecommunications, IT, and agriculture sectors.

This modest trade volume underscores the need for greater effort to enhance investment and trade opportunities.

Meanwhile, the number of Egyptian companies operating in Uzbekistan has reached 15, implementing projects in the fields of mining, infrastructure, and pharmaceuticals.

Signing MoUs
 

During the session, Egypt and Uzbekistan signed four memorandums of understanding (MoUs) to strengthen ties.

One MoU, signed by Al-Mashat and the Uzbek Ministry of Ecology, Environmental Protection, and Climate Change, focuses on environmental cooperation, particularly in pollution reduction.