Egypt, Azerbaijan eye deeper economic ties, focusing on pharma, renewables

Daily News Egypt
3 Min Read

Egypt’s Minister of International Cooperation Rania Al-Mashat, met with a high-level Azerbaijani delegation led by Deputy Foreign Minister Faraz Rajeev on Saturday. The delegation, comprising 22 government and private sector officials, aimed to strengthen bilateral relations and explore opportunities for further cooperation.

Both countries have expressed keen interest in developing their partnership, exemplified by Egyptian President Abdel Fattah El-Sisi’s visit to Azerbaijan in January 2023. This visit, the first by an Egyptian president, resulted in the signing of three documents covering irrigation, culture, and trade.

During the meeting, both sides discussed preparations for the sixth session of the Egyptian-Azerbaijani Joint Committee, scheduled to take place in Cairo later this year. This follows the successful fifth session held in Baku in 2022, which led to agreements in small and medium enterprises, trade, investment, and maritime transport.

The Azerbaijani delegation highlighted the positive outcomes of their visit to Egypt, including technical meetings with Egyptian government agencies and private sector companies like El Sewedy Companies, Arab Contractors, the Federation of Egyptian Industries, and the Export Council for Medical Industries.

Discussions focused on potential collaboration in pharmaceutical manufacturing, food exports, maritime transport, investment, electrical cable manufacturing, aviation, construction, oil and gas, chemical industries, pesticide manufacturing, artificial intelligence, nanotechnology, green hydrogen, renewable energy technologies, and agriculture.

Al-Mashat emphasized the efforts made by both countries to finalize agreements in various sectors.

The Azerbaijani delegation also shared their preparations for the COP29 climate conference, highlighting regional and international initiatives to combat climate change and support developing nations’ transition to green economies. They expressed a keen interest in collaborating with the Federation of Egyptian Industries and the Suez Canal Economic Zone.

Al-Mashat discussed the NWFE Program, a national platform addressing energy, food, and water challenges through a regional model and soft financing approach for climate change adaptation, mitigation, and resilience. The potential for replicating this model in other developing nations was also explored.

The two sides agreed to share Egyptian expertise in climate financing and the implementation of the “Sharm El-Sheikh Guidebook for Just Financing,” a roadmap designed to help developing countries secure funds for a green transition.

The Azerbaijani delegation reiterated the private sector’s crucial role in development, especially in renewable energy, and expressed their interest in further discussions with Egyptian entities.

Al-Mashat also introduced the “Hub for Advisory, Finance & Investment for Enterprises,” a platform launched by the Ministry of International Cooperation to bridge information gaps and help private sector companies access development partner resources.

The meeting concluded with both countries optimistic about the potential for deeper cooperation in various sectors, reaffirming their commitment to strengthening bilateral relations.


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