The President of Uzbekistan met with representatives of the Egyptian business community

The first day of the official visit to the Arab Republic of Egypt, President of the Republic of Uzbekistan Shavkat Mirziyoyev began with a meeting with the heads of leading companies of this country.

On the Egyptian side, the event was attended by Minister of International Cooperation Rania al-Mashat, President of the Federation of Chambers of Commerce Ibrahim Mahmoud al-Arabi, heads of such large companies as Elsewedy Electric, El Araby Group, Orascom Construction, Poliserve Group,
Al-Rowad, Lotus Garments Group and others.

During the meeting, the huge potential in bilateral relations and great opportunities for building up business ties and business contacts, activating mutual investments and increasing trade between Uzbekistan and Egypt were noted.

The leader of our country stressed the important role played by the business communities of the two countries in establishing modern strong bridges of cooperation, including
by the example of the restoration route of the Great Silk Road that flourished in the past.

The dynamics of partnership development in recent years was noted with satisfaction. In particular, the indicators of trade turnover are growing many times, the number of joint projects and enterprises has increased 6 times.

The Head of our state highly appreciated the results of the Uzbek-Egyptian business forum held the day before, following which concrete agreements were reached on the implementation of more than 20 agreements and contracts totaling $ 1.6 billion.

Broad opportunities for industrial cooperation in the energy, electrical, chemical, mining, textile, agricultural, pharmaceutical and leather and footwear industries were noted.

"All opportunities are open to Egyptian companies to jointly implement large investment programs in our country," Shavkat Mirziyoyev stressed.

An exchange of views took place on promising areas of cooperation and the implementation of new growth points. Proposals were made to start implementing joint projects and agreements as soon as possible.

In their speeches, representatives of leading Egyptian companies highly appreciated the ongoing large-scale reforms in the New Uzbekistan.

It was emphasized that the ongoing transformations, economic liberalization and the favorable investment climate created open up great opportunities for expanding the presence of Egyptian business in the Uzbek market.

For example, the company Elsewedy Electric – the largest producer of electricity, transformers and cable products in Egypt – is ready for the practical development of joint projects for the construction of wind and solar power plants, the establishment of the production of transformers, cable and wire products and accessories.

The management of Orascom Construction expressed interest in the implementation of a project in Uzbekistan to create an industrial park with the subsequent construction of facilities for the production of paints and varnishes and chemicals for building materials, as well as the construction of a wind power plant with a capacity of 100 MW on its territory.

Sharing the vision of further development of bilateral cooperation, Egypt's major investors stressed that they consider our country as a bridge to enter the markets of Central Asia.

President Shavkat Mirziyoyev supported the announced plans and initiatives, instructed the responsible persons from the Uzbek side to ensure strict control over their implementation.

At the end of the meeting, it was decided to adopt a joint roadmap to ensure the practical implementation of joint projects and further increase trade and investment cooperation.