Minister of Planning, Economic Development, and International Cooperation Participates in the Egyptian-Uzbek Business Forum with the Participation of 150 Companies from Both Countries

Al-Mashat: Calls on Uzbek companies to leverage the comparative advantages of investing in the Suez Canal.

Al-Mashat: Egypt is a gateway for Uzbek investments and exports to the Middle East and Africa.

The government is implementing a clear vision to empower both local and foreign private sectors with continuous reforms and incentives.

Cooperation among private sector companies and the efforts of business communities will contribute to strengthening economic ties.

Kudratov: Bilateral relations between Egypt and Uzbekistan have reached unprecedented levels.

15 Egyptian companies invest in Uzbekistan in sectors such as mining, infrastructure, and pharmaceuticals.

Uzbekistan looks forward to increasing partnerships with Egypt in the fields of food security, textile industries, digitization, and pharmaceutical and building materials manufacturing.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Mr. Laziz Kudratov, Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, attended the Egyptian-Uzbek Business Forum, which took place during the 7th session of the Joint Egyptian-Uzbek Committee for Economic, Scientific, and Technical Cooperation in Tashkent, the capital of Uzbekistan. The forum saw the participation of 150 companies from both countries.

In her speech, H.E. Dr. Rania A. Al-Mashat emphasized that the Egyptian-Uzbek Business Forum is a key component of the meetings of the Joint Egyptian-Uzbek Committee, marking a milestone in the ongoing efforts to strengthen economic ties between the two countries. She noted that Egypt, with its strategic location, diversified economy, and abundant resources, offers numerous investment and partnership opportunities, while Uzbekistan, rich in natural resources and emerging sectors, is committed to economic growth and offers a wealth of opportunities for Egyptian companies.

Al-Mashat added that the forum brought together representatives from Egyptian and Uzbek companies to explore key investment sectors, including construction, pharmaceuticals, food industries, logistics, fast-moving consumer goods, tourism, machinery, and IT solutions. She urged participants to leverage this opportunity to network, exchange knowledge, and identify opportunities that align with the shared aspirations of both nations.

H.E. highlighted Egypt’s commitment to attracting more Uzbek investments and encouraging Egyptian entrepreneurs to explore opportunities in Uzbekistan. She also emphasized the importance of enhancing trade exchange between the two countries and exploring joint cooperation opportunities, particularly in tourism.

Despite the economic challenges and geographical barriers, Al-Mashat emphasized that private sector cooperation could strengthen these relationships. She pointed out that the efforts of business communities are vital to strengthening economic ties, complementing the political and cultural relations that have gained momentum, especially since H.E. President Abdel Fattah El-Sisi’s historic visit to Uzbekistan in 2018.

She further noted that the Egyptian government’s vision is to enhance the private sector's participation in economic activities through strong partnerships, alongside continued economic and structural reforms that bolster the resilience of the Egyptian economy in the face of regional and international challenges.

Al-Mashat also highlighted the Suez Canal Economic Zone’s comparative advantages, noting that it serves as a practical gateway to local markets in Egypt, as well as to African and Middle Eastern markets. She encouraged Uzbek companies to benefit from investing in the Suez Canal Zone, which provides access to a significant regional market. The area offers a variety of defined investment sectors, including fuel services, logistics, data centers, railways, and the automotive industry.

She urged forum participants to engage actively, share visions, and explore ways of cooperation that will drive mutual prosperity, emphasizing that the forum represents an opportunity to build lasting partnerships that benefit both countries' economies and citizens.

For his part, Uzbek Minister Kudratov noted that the large number and diversity of private sector companies from both Egypt and Uzbekistan participating in the forum reflect the significant opportunities for partnership between the two countries. These sectors include agriculture, building materials, tourism, and pharmaceuticals, and demonstrate a strong commitment to strengthening cooperation between the two countries.

Kudratov stated that bilateral relations between Egypt and Uzbekistan have reached unprecedented levels in recent years, owing to the closer ties between the leaderships of both nations. He highlighted that trade exchange has increased by one and a half times, and the number of Egyptian companies operating in Uzbekistan has risen to 15. These companies are engaged in projects in sectors such as mining, infrastructure, and pharmaceuticals, with notable firms like Orascom Investment, Hassan Allam Holding, and Minapharm Pharmaceuticals involved. He affirmed that there are further opportunities to increase investments and allow more companies to deepen the level of cooperation between the two countries.

 

 

The Uzbek Minister also emphasized his country’s commitment to creating an open and business-friendly environment, reflected in increased foreign direct investment flows. He further noted that Uzbekistan is seeking higher growth and export rates, which cannot be achieved without strong partnerships with friendly nations. In this context, Egypt can act as a strategic gateway for Uzbek companies looking to enter the African market, with access to a market of 1.4 billion people, leveraging the continent’s free trade agreements.

Additionally, Kudratov explained that Uzbekistan’s trade agreements with the Commonwealth of Independent States (CIS) provide Egyptian companies with an opportunity to access a market of approximately 300 million people. He also pointed out that Uzbekistan enjoys exemptions that allow it to export more than 6,000 goods to the European market, creating a significant opportunity for both Egyptian and Uzbek companies, together serving a market of over two billion people.

Finally, Kudratov discussed potential areas of cooperation, including agriculture, food security, digitalization, and textiles, an area where Uzbekistan has a significant advantage. He highlighted that Uzbekistan's textile exports had doubled between 2018 and 2023 to $3.5 billion, employing over 700,000 people in the sector. Other promising areas for collaboration include building materials and pharmaceuticals.