By Rogers Aghan, February, 24, 2023, The General Authority for Free zones and Investment (GAFI) hosted meetings of the Egyptians-Uzbek Business Council in Cairo on Sunday, 18.
In attendance, were the ministers of culture, energy, tourism, agriculture, and health. Also, members of industry and commerce from both nations graced the occasion in a bid to ensure exhaustive talks regarding industry partnerships.
The signing of seven memoranda of understanding (MoUs) was a sign of conclusion and agreement between the Egyptian private sector and the Uzbek government.
Some critical industries considered included the textile, energy, pharmaceutical, healthcare and electricity sectors which are all major contributors to the economy of the said countries.
The minister of Investment, Industry and Trade, Kedratov Laziz Shavkatovic of the Uzbek nation, reiterated that the visit of President Shavkat Mirziyoyev to Egypt that was slated for the following day would mark a new push to investment relations between the two nations.
The minister recognized that President Abel Fatah al-Sisi’s visit to Tashkent in 2018 was a sign of improvement in the commercial and diplomatic relations between the two states.
Minister Shavkatovic equally said that he was conducting meetings with representatives of the largest Egyptian food processing and textile firms to establish manufacturing ties. He reiterated that Uzbekistan could be Egypt’s pathway into the Central Asian markets, while Egypt could provide a way for Uzbekistan into the African markets.
Chairman of the General Authority for Free Zones and Investment (GAFI), Hossam Heiba appraised the effect of reciprocating presidential visits on economic and diplomatic relations, stating that they have created promising cooperation opportunities, even as the global disruption in supply chains and fluctuating prices of goods continue to frustrate different parties within the trade sector.
The chairman presented investment opportunities in Egypt, economic and incentive reforms done over the past year. He attributed the Golden License issued for investments to having a development effect.