The agreements on the implementation of investment projects worth $470 million were signed following the business forum and the cooperation exchange between Uzbekistan and Egypt, the Ministry for Foreign Trade of Uzbekistan said Sept. 8.
Moreover, loan agreements worth $60 million were signed with the African Export-Import Bank (Afreximbank) and the Bank of Cairo. Export contracts worth $13 million for the supply of cotton yarn and copper pipes were also signed.
The events took place on September 5 during the official visit of Egyptian President Abdel Fattah Saeed Hussein Khalil el-Sisi to Uzbekistan.
During the business forum, Uzbek Foreign Trade Minister Jamshid Khodjaev emphasized that the level of current trade turnover absolutely does not correspond to the huge economic opportunities of Uzbekistan and Egypt.
"Effective use of existing reserves and opportunities will significantly increase the potential of the economies of both countries," the minister said.
A few hours before the business forum, the participants held talks on economic projects in the fields of tourism, pharmaceutics, electrical engineering, rare earth metals production, as well as the creation of a horticultural and logistics hub.
Moreover, the Chambers of Commerce and Industry of the two countries signed an agreement on the creation of a business council. The first meeting of the council is planned to be organized within the forthcoming meeting of the intergovernmental commission until the end of the year.