Kazakhstan-Egypt Business Forum: Towards new horizons of trade and economic cooperation

In the speech of the Head of State Kassym-Jomart Tokayev on January 26 this year at the expanded meeting of the Government, it was noted that the main task facing the executive branch is to restore economic growth, attract investment and increase the real incomes of Kazakhstan.

The president highlighted the importance of supporting small and medium-sized businesses that have been most affected by the pandemic, restrictive measures, and the destruction of trade ties.

An important role in addressing these challenges is played by an economic unit of the MFA and diplomatic missions abroad, which provide comprehensive assistance to small and medium-sized businesses in establishing ties with foreign partners, including assisting in the presentation of the potential of our producers.

So, thanks to the coordinated efforts, the Ministry of Foreign Affairs of Kazakhstan is planning to organize the Kazakh-Egyptian business forum in the period from 5 to 7 February in Sharm El – Sheikh jointly with the Embassy of Kazakhstan to the Arab Republic of Egypt in the framework of the implementation of the instructions of the head of state Kassym-Jomart Tokayev.

This business forum is considered to be the continuation of the process of deepening business cooperation between Kazakhstan and Egypt, as well as restoring trade, economic, and investment activity between the two countries in the context of the coronavirus pandemic.

The main purpose of the Business Forum will be to facilitate the establishment of direct contacts between manufacturers and potential buyers, exchange of information on the quality and price indicators of products, and discuss the details of export contracts.

The organizers of the event from the Kazakh side is the investment Committee of the Ministry of Foreign Affairs of Kazakhstan with the involvement as co-organizers of JSC “NC “Kazakh Invest” National chamber of entrepreneurs of Kazakhstan “Atameken”, JSC “Center for trade policy development, “QazTrade” JSC “Export insurance company “Kazakh Export”, JSC”Kazakhstan centre of industry and trade “QazIndustry” and others.

On the Egyptian side – the Ministries of Foreign Affairs, Foreign Trade and Industry, International Cooperation of Egypt, the Administration of the Province of South Sinai, the Federation of Chambers of Commerce of Egypt, the General Directorate for Investment and Free Economic Zones, and others. More than 70 Kazakhstani and 200 Egyptian companies are expected to participate in the forum.

In terms of content, during the Business Forum, it is planned to hold bilateral negotiations between domestic and Egyptian companies in the B2B format, exhibitions of domestic products, as well as hold a Business Forum with a presentation of the potential of domestic producers and investment projects in the format of speeches by heads of state bodies and representatives of domestic companies.

12 regions of Kazakhstan showed an active interest in participating in the event, which presented their business delegations.

The countries of the Eurasian Economic Union (EAEU) and Egypt have close trade and economic ties, which contributes to the implementation of mutual trade in a wide range of goods, even in this difficult time for world trade.

Soon, it is planned to sign a Free trade Agreement between the EAEU member states and Egypt, which will provide great opportunities for increasing the export of Kazakh products by opening access to the Egyptian market with a population of over 100 million people.

Given the extensive sales market, domestic products from the regions of Kazakhstan will be in demand in Egypt and the Arab countries of North Africa, such as Morocco, Algeria, Tunisia, and Sudan.

This agreement will create the necessary legal framework for the EAEU countries, which consider Egypt as a “gateway” to Africa and are ready to implement projects to localize production in Egypt.

Kazakhstan and Egypt intend to increase cooperation in all areas of partnership for further improvement of the level of trade, economic, and investment relations between our countries.

In 2021, it is planned to hold the 6th meeting of the Kazakh-Egyptian intergovernmental Commission on trade, economic, cultural, humanitarian, scientific, and technical cooperation, as well as the 7th round of political and consular consultations. These important events are designed to give an additional impetus to the development of multilateral cooperation in these areas.

Kazakhstan is interested in establishing a full-fledged partnership with Egypt in various fields and, first of all, in the economic sphere. The planned business forum will give an additional impetus to the development of trade and economic cooperation that meets the strategic interests of both countries.