President Abdel Fattah El-Sisi paid a visit to Azerbaijan, which was a momentous event that marked the beginning of a new chapter in the evolution of the two countries' relations.
A ceremony for document signing has been place following the expanded meeting between Presidents Abdel Fattah El-Sisi and Azerbaijan Ilham Aliyev. As a result, the Azerbaijani and Egyptian Ministries of Trade and Industry signed a memorandum on cooperation in the management of water resources, in the field of culture, and in another document.
As President Ilham Aliyev said, making press statements with his Egyptian counterpart, "we discussed many issues both in a one-on-one meeting and at a meeting with the participation of delegations, and we came to a common position on future cooperation – this cooperation should be deepened and expanded. There are all the opportunities for this, and today's visit is further evidence of that".
President Abdel Fattah El-Sisi, in his turn, mentioned the importance of removing the existing obstacles in the way of foreign investors in Egypt, creating conditions for them and further facilitating legal procedures, adding that, considering that Egypt plays the role of a gateway to the African continent, the agreements signed in the field of free trade between the two countries are of utmost importance.
Prior to meeting with President Ilham Aliyev, President of Egypt also met with Azerbaijani businessmen in Baku where he noted that trade cooperation between the two has great potential and the political will of the leaders of Azerbaijan and Egypt strengthens bilateral relations.
Back in October 2002, a Joint Commission on Intergovernmental Economic, Technical and Scientific Cooperation was established between Azerbaijan and Egypt. As a result of the commission's activities, as for today, about 60 documents have been signed between our countries, 21 draft documents are under discussion.
Some 51 companies with Egyptian capital work in the fields of trade, industry and services in Azerbaijan. There is a great potential for expanding trade relations between the two countries. According to the latest statistics, the trade turnover between Azerbaijan and Egypt from January through December 2022 amounted to $16.1 million, of which $2.5 million accounted for Azerbaijani exports to the country, and $13.6 million – for imports.
The partnership in the energy sector between the two countries is multifaceted and has all the potential to grow more, as the State Oil Company of Azerbaijan (SOCAR) and the State Oil Company of Egypt plan to further expand cooperation.
Tourism is another field where the sides observe the development. The number of tourists from Egypt to Azerbaijan has increased by 50 percent in recent years. Regular air service is maintained between the countries. At present, Air Cairo operates flights once a week from Baku to the Sharm el-Sheikh resort city of the Red Sea, and back. In July last year, the president of Azerbaijan Airlines (AZAL) Jahangir Asgarov and the Ambassador of Egypt to Azerbaijan Hisham Mohamed Nagy Abdel Hamid discussed the agenda of mutual cooperation in the field of civil aviation, expressing the interest in expanding air communication between the two countries.
Having identified areas of future cooperation, Azerbaijan and Egypt will see an increase in both mutual investments and trade turnover in the near future, while joint activity of business communities will further strengthen Azerbaijani-Egyptian relations.
Economic cooperation between the two countries is in parallel backed by mutual political support in the international arena within the UN, the Non-Aligned Movement, and the Organization of Islamic Cooperation. Strengthening the joint fight against terrorism that the two countries have agreed upon is also very necessary.
As a result of multifaceted policy of President Ilham Aliyev, Azerbaijan is considered one of the most important partners for countries of the Arab World, and for Egypt specifically. By increasing the number of its economic partners and strengthening relations with the current, Azerbaijan has achieved success on the global arena both in political and business terms. Azerbaijan, thanks to the political will demonstrated by the country’s leadership, has established economic stability and great investment climate for itself and for the benefit of its partners.
This report was prepared by Trend news Agency
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