Egypt and Azerbaijan want deeper economic ties, focusing on pharmaceuticals and renewable energy sources

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

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

During the meeting, both sides discussed preparations for the sixth session of the Egypt-Azerbaijan Joint Committee, which will be held in Cairo later this year. This follows the successful fifth session held in Baku in 2022, which led to agreements on small and medium-sized enterprises, trade, investment and maritime transport.

The Azerbaijani delegation highlighted the positive results of its visit to Egypt, including technical meetings with Egyptian government agencies and private sector companies such as El Sewedy Company, Arab Contractors, the Federation of Egyptian Industries, and the Medical Industry Export Council.

Discussions focused on potential cooperation in pharmaceutical production, food exports, maritime transport, investment, electric cable production, aviation, construction, oil and gas, chemical industry, pesticide production, artificial intelligence, nanotechnology, green hydrogen, renewable energy technologies and agriculture .

Al-Mashat highlighted the efforts of both countries to finalize agreements in various sectors.

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

Al-Mashat discussed the NWFE program, a national platform to address energy, food and water challenges through a regional model and soft finance approach for climate change adaptation, mitigation and resilience. The possibility of replicating this model in other developing countries was also explored.

Both sides agreed to share Egyptian expertise in climate finance and the implementation of the Sharm El-Sheikh Guide to Fair Finance, an action plan designed to help developing countries secure funding for the green transition.

The Azerbaijani delegation reiterated the key role of the private sector in development, especially in the field of renewable energy, and expressed interest in further talks with Egyptian entities.

Al-Mashat also introduced the “Enterprise Advisory, Finance and Investment Center”, a platform launched by the Ministry of International Cooperation to fill information gaps and facilitate private sector companies’ access to the resources of development partners.

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