BAKU – Egypt’s President Abdel Fattah El Sisi said Egypt looks forward to increasing public and private investments with Azerbaijan, citing the business reforms introduced by the Egyptian government to simplify and facilitate investment procedures.
Sisi’s remarks came during his meeting on Friday with a host of Azeri businessmen and CEOs of major companies in Azerbaijan, with the participation of Azeri and Egyptian ministers, said Presidential Spokesman Bassam Radi.
On their part, the Azeri businessmen said they are interested in fostering co-operation and joint investments with Egypt, especially in light of the provision of several promising investment opportunities in the country, notably in the sectors of infrastructure, transport, new energy, green hydrogen and electricity, as well as the pharmaceutical industry.
They also reviewed their plans for injecting new investments or expanding their existing projects in Egypt.
Minister of Economy of Azerbaijan Mikayil Jabbarov said with confidence that the event would contribute to the development of relations between the two countries. The minister noted that against the backdrop of the current economic crisis in the world, Azerbaijan’s economy had registered stable development in 2022 and that the gross domestic product had increased by 4.6 percent. It was noted that growth in the non-oil and gas sector was 9.1 percent, non-oil exports had increased by 12 percent and the country’s total exports had increased by more than 73 percent over the said period.
Emphasizing that the political and economic relations between Azerbaijan and Egypt were developing on the basis of mutual respect, friendship and beneficial cooperation, Mikayil Jabbarov said that the political resolve of the heads of state was playing an important part in the strengthening and expansion of bilateral relations.
Pointing out that the countries had celebrated the 30th anniversary of the establishment of diplomatic relations last year, the minister noted that Azerbaijan had opened its first embassy in Africa in Egypt in 1994. The two countries also co-operate within international organizations, including the Organization of Islamic Cooperation, the League of Arab States and the Non-Aligned Movement. Noting that the economic relations between Azerbaijan and Egypt had strengthened, Mikayil Jabbarov said that 51 companies with a share of Egyptian capital were currently operating in Azerbaijan.
“Nevertheless, there is great potential for expanding cooperation and mutual trade in the field of investment. We believe that the activities of the Azerbaijan-Egypt Intergovernmental Joint Commission, the events organized with the participation of business people, the work carried out in the direction of the establishment of the Azerbaijan-Egypt Business Council will contribute to the realization of this potential,” the minister stressed.
Mikayil Jabbarov also spoke about the restoration and construction work under way in the territories liberated from occupation, the business environment available there, the implemented green energy projects and the state’s support for this process.
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