Arab Finance: Egypt’s Minister of Investment and Foreign Trade Mohamed Farid and Belarusian Minister of Antimonopoly Regulation and Trade Artur Karpovich signed a strategic cooperation protocol at the conclusion of the eighth session of the Egyptian-Belarusian Joint Trade Committee in Minsk, according to a statement.
The protocol aims to expand the volume of bilateral trade and diversify the export structure between the two countries, with the Belarusian side welcoming expanded access for Egyptian agricultural, pharmaceutical, chemical, and textile products to its markets.
The European country also intends to leverage Egypt’s free trade agreements and anchor its role as a regional hub for exporting Belarusian industries to African and Arab markets.
The deal also includes significant investment incentives and facilities to Belarusian companies seeking to enter the Egyptian market through the organized exchange of information between the General Authority for Investment and Free Zones (GAFI) and its Belarusian counterparts.
Both sides reviewed a detailed implementation plan for expanding joint production and localizing Belarusian industries in Egypt, particularly in the tractor, truck, and heavy equipment sectors. In this regard, the Ministry of Military Production and the Arab Organization for Industrialization (AOI) will focus on technology transfer and the exchange of technical expertise to increase the local component ratio and enhance productivity.
Regarding food security, the two countries agreed to cooperate in grain production and storage, developing supply chains, and exploring opportunities for collaboration in dairy and meat products.
As for the technology and innovation fields, the two ministers approved joint research projects in the energy and agriculture sectors. They will prepare a roadmap covering training researchers and exchanging scientists between academies and universities in both countries, along with implementing joint postgraduate programs.
The two sides will join forces to enhance cooperation in the telecom sector through the transfer of expertise in developing software, digital services, and e-government. This is in addition to promoting digital transformation, developing anti-smuggling mechanisms, and exploring electronic integration for the exchange of trade data to facilitate bilateral trade.
In the medical sector, they explored plans to establish joint pharmaceutical production projects.
Finally, Egypt and Belarus will team up to increase tourism and encourage participation in tourism events, while exploring the possibility of launching direct flights between the two countries to strengthen economic ties.
