Azernews.Az

The Azerbaijan Investment Company (AIC) may invest in Egypt, Economic Development Minister Heydar Babayev told a meeting of the two countries' experts in Baku on Tuesday.
Babayev, who co-chairs the inter-governmental commission, said while hosting Egyptian representatives that the AIC was successfully pursuing the outlined goal of boosting the country's non-oil sector.
"The AIC's participation in projects implemented in other countries is also envisioned in the future to expand the scope of the company's activity," the minister said.
Babayev said the Azeri-Egyptian trade turnover was currently below desired level, citing vast opportunities for the expansion of bilateral economic and trade relations.
"It is possible to further expand economic relations between the two countries by capitalizing on the opportunities created by the documents signed by the Azeri and Egyptian governments," he said.
Egyptian Deputy Foreign Minister for Economic Affairs Ramzy Ezzeldin Ramzy, for his part, said Egypt was attaching great importance to its economic relations with Azerbaijan. He said his country was ready to provide the needed support to take cooperation between the two countries to a higher level. The two countries could cooperate in pharmaceuticals, food industry, cargo transportation and other fields, Ramzy said.
Egyptian Ambassador to Azerbaijan Youssef ElSharkawy told AssA-Irada that the relations between a host of the two countries' ministries have been strengthened of late.
"We believe that this will yield benefits soon, and give an incentive to the development of our economic and trade relations, which are significantly lagging behind political and cultural ties," ElSharkawy said.
Bilateral trade turnover made up only $1.34 million in 2006.