Laziz Kudratov, the Uzbek Minister of Investment, Industry, and Trade, called for the creation of a digital platform to link businesses, foster partnerships, and enhance economic cooperation between Egypt and Uzbekistan, especially for small and medium-sized enterprises (SMEs), according to a statement from the Ministry of Planning, Economic Development, and International Cooperation released on Wednesday, The Caspian Post reports citing foreign media.
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.
Another MoU between Ain Shams University and Tashkent State University of Oriental Studies aims to bolster academic collaboration.
A third MoU was signed between Egypt’s Supreme Council of Antiquities and Uzbekistan’s Centre for Islamic Civilization.
The final MoU, between the Samarkand region of Uzbekistan and Alexandria Governorate, seeks to foster cultural and economic exchanges.
Additionally, Al-Mashat and Kudratov signed the protocol for the seventh session of the joint committee, which outlines a comprehensive roadmap for expanding cooperation in key sectors such as trade, investment, public-private partnerships, industry, energy, agriculture, education, health, tourism, and transport.
Since the opening of Egypt’s embassy in Uzbekistan in 1995, bilateral ties have continued to grow.
The joint committee's first session was held in 1996; its latest was in 2009.
