(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 29. The visit of the
President of the Arab Republic of Egypt Abdel Fattah El-Sisi to
Azerbaijan was a significant event, which led to the opening of a
new page in the development of bilateral relations.
Following the expanded meeting of President of Azerbaijan Ilham
Aliyev and President of Egypt Abdel Fattah El-Sisi, a ceremony of
signing documents has been held. Thus, a memorandum on cooperation
in water resource management, in the field of culture, and another
document between the Ministry of Economy of Azerbaijan and the
Ministry of Trade and Industry of Egypt have been signed.
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.