Baku, Cairo mull trade, economic partnership expansion

By Azernews

By Ayya Lmahamad

Azerbaijan and Egypt have discussed the expansion of trade and economic partnership, Azernews reports.

The discussion took place during the meeting between Azerbaijan's Export and Investment Promotion Agency (AZPROMO) Head Yusif Abdullayev with Egypt's Ambassador Hisham Mohamed Nagy Abdel Hamidi.

During the meeting, Yusif Abdullayev briefed on the agency's activities, expansion of relations with foreign partners, export of non-oil products, and the work carried out by the agency to attract investment in the non-oil sector.

He spoke about the measures implemented within the framework of the memorandum of understanding signed between AZPROMO and Egypt's Trade and Industry Ministry in February 2022 in Baku.

In turn, the ambassador emphasized that Egypt attaches great importance to cooperation with Azerbaijan and noted the role of businessmen in the development of relations between the two countries.

Additionally, the parties exchanged views about the directions of development of relations between the business community.

Diplomatic relations between the two countries were established on March 27, 1992. The Egyptian embassy in Baku has been operating since April 1993, while Azerbaijan's embassy in Cairo has been open since January 1994.

In total, the two countries signed around 50 documents on cooperation in various fields.

The trade turnover between Azerbaijan and Egypt amounted to $42.4 million in 2021, and to $4.1 million in the first five months of 2022.