20.02.2023

The first day of official visit to the Arab Republic of Egypt has begun with the meeting of President Shavkat Mirziyoyev with heads of leading Egyptian companies.

The Minister of International Cooperation Rania Al-Mashat, the Chairman of Federation of Chambers of Commerce Ibrahim Mahmoud Al-Araby, the heads of such major companies as «Elsewedy Electric», «El Araby Group», «Orascom Construction», «Poliserve Group», «Al Rowad», «Lotus Garments Group» and the other companies from the Egyptian side participated at the event.

During the meeting, the sides underscored the tremendous potential in bilateral relations and the greater opportunities for building up business ties and contacts, intensifying mutual investments and increasing trade between Uzbekistan and Egypt.

The President of Uzbekistan emphasized the key role of the two countries’ business communities in building modern and solid bridges of cooperation, particularly by an example of the Great Silk Road route that once thrived.

The partnership dynamics in recent years was noted with satisfaction. In particular, the trade turnover has been multiplied, with the number of joint projects and enterprises increasing sixfold.

President Shavkat Mirziyoyev has highly appreciated the outcomes of Uzbek-Egypt business forum held on the eve of the visit, following which concrete agreements have been reached to implement more than 20 contracts totaling $1,6 billion.

The sides underscored ample opportunities for industrial cooperation in energy, electro-technical, chemical, mining, textile, agricultural, pharmaceutical, as well as leather and footwear industries.

«The Egyptian companies have every opportunity to jointly implement major investment programs in our country», Shavkat Mirziyoyev has said.

There was an exchange of views on promising areas of cooperation and implementation of new growth points. The proposals have also been made on speedy implementation of the joint projects and agreements.

The representatives of the leading Egyptian companies have talked up the wide range reforms taking place in the New Uzbekistan.

It was emphasized, the ongoing reforms, liberalization of economy and the favorable investment climate provides ample opportunities for expansion of the Egyptian business in the Uzbek market.

For instance, the Egyptian largest producer of electricity, transformers and cable products, «Elsewedy Electric» is ready for practical implementation of joint projects in construction of wind and solar power plants, setting up the manufacturing of transformers, cable and wire products as well as accessories.

The leadership of Orascom Construction company has expressed interest in establishing an industrial park in Uzbekistan with the subsequent production of varnish products and chemicals for construction materials, as well as a construction of a 100 MW wind power station.

Having shared the vision for further development of bilateral cooperation, the Egyptian major investors stressed that they consider our country as a bridge to the Central Asian markets.

The President of Uzbekistan Shavkat Mirziyoyev supported the proposed plans and initiatives, and instructed the executives from the Uzbek side to ensure a strict control over implementation of the proposed projects.

The parties concluded the meeting with the agreement to adopt a joint road map to ensure practical implementation of joint projects and further enhance the trade and investment cooperation.