Minister of Planning, Economic Development, and International Cooperation Discusses Preparations for the Upcoming Session of the Egypt–Azerbaijan Joint Committee With Deputy Foreign Minister of Azerbaijan

 

Al-Mashat: The Joint Committee Represents a Key Mechanism for Expanding Cooperation Between Egypt and Azerbaijan and Increasing Joint Investments

 

Convening the Egypt–Azerbaijan Business Forum to create close ties Between the Private Sectors of Both Countries

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, received Mr. Yalchin Rafiyev, Deputy Minister of Foreign Affairs of the Republic of Azerbaijan, to discuss enhancing avenues of economic and investment cooperation between the two countries.

 

During the meeting, H.E. Dr. Rania Al-Mashat affirmed the depth of the historical relations between Egypt and Azerbaijan, noting the joint efforts to increase private sector investments in both countries and to leverage the vital role of the Egyptian and Azerbaijani economies within their regional environments, thereby advancing joint development objectives.

 

The Minister of Planning, Economic Development and International Cooperation also highlighted the successful visit of Mr. Ilham Aliyev, President of the Republic of Azerbaijan, to Egypt from 7–8 June 2024, which witnessed the signing of seven documents in various fields, confirming the depth and strength of relations between the two countries and the opportunities available to enhance bilateral cooperation, including economic development, digital transformation, youth and sports, electricity, oil and gas, and investment promotion, in addition to the agreement on other areas of cooperation, most notably the establishment of joint projects in pharmaceutical manufacturing within the Alat Free Economic Zone (AFEZ) in Azerbaijan and other industrial zones, while working to increase the production of finished medicines, and transferring Egyptian expertise to the Azerbaijani side in the fields of green hydrogen and ammonia, rehabilitation, operation and maintenance of power plants, as well as electricity interconnection.

 

The two sides discussed preparations for the 6th session of the Egyptian-Azerbaijani Joint Committee for Economic, Scientific, and Technical Cooperation, to be held in Cairo next October, co-chaired by H.E. Dr. Rania Al-Mashat on the Egyptian side and Mr. Rashad Nabiyev, Minister of Digital Development and Transport, on the Azerbaijani side. The session aims to advance economic, trade, and tourism cooperation to broader horizons and achieve tangible achievements on the ground that will benefit the peoples of both countries, explaining that the upcoming session will include opportunities for cooperation in several fields, including renewable energy, oil and gas, tourism, culture, higher education, health, youth and sports, trade, and investment. H.E. praised the efforts made by both sides to finalize negotiations on the various bilateral documents.

 

During the meeting, H.E. Dr. Al-Mashat also highlighted the importance of convening the Egyptian-Azerbaijani Business Forum and representatives of Egyptian and Azerbaijani companies, which will be held during the meetings of the Joint Economic Committee between Egypt and Azerbaijan, to learn about investment opportunities available in both countries, as well as the advantages of investing in Egypt, in order to attract more Azerbaijani investments to Egypt, within the framework of ensuring that the private sector has the opportunity to play its role in implementing the government's development plan and accessing promising markets. She also referred to the efforts of the Ministry of Planning, Economic Development and International Cooperation to coordinate with various entities to organize the business forum.

 

Al-Mashat underscored that trade, tourism, and investment sectors between the two countries are witnessing continuous growth, pointing out the importance of expanding efforts within the framework of the capabilities enjoyed by the Egyptian and Azerbaijani economies.

 

Al-Mashat also pointed to the Ministry’s launch of the “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience,” a comprehensive framework that integrates the government's work program for the period 2024/2025 - 2026/2027, and Egypt's Vision 2030, in light of the rapid changes imposed by regional and international developments, with the aim of transition towards an economic model that consolidates macroeconomic stability, focuses on the most productive sectors with higher export potential (tradables), taking advantage of the advanced infrastructure that has been achieved and redefining the role of the state in the economy, thereby enhancing the competitiveness of the Egyptian economy and stimulates private sector participation. This comes as a continuation of the economic reform process.

 

The meeting also reviewed the outcomes of the COP29 climate conference, hosted by Azerbaijan, and its conclusions supporting the efforts of developing countries to address climate change.