President of the Arab Republic of Egypt Abdel Fattah El-Sisi has had a meeting with Azerbaijani businessmen in Baku.

Minister of Economy of Azerbaijan Mikayil Jabbarov and President of Egypt Abdel Fattah El-Sisi addressed the meeting.

Minister Mikayil Jabbarov said with confidence that the event would contribute to the development of relations between the two countries. The minister noted that against the backdrop of the current economic crisis in the world, Azerbaijan's economy had registered stable development in 2022 and that the gross domestic product had increased by 4.6 percent. It was noted that growth in the non-oil and gas sector was 9.1 percent, non-oil exports had increased by 12 percent and the country’s total exports had increased by more than 73 percent over the said period.

Emphasizing that the political and economic relations between Azerbaijan and Egypt were developing on the basis of mutual respect, friendship and beneficial cooperation, Mikayil Jabbarov said that the political resolve of the heads of state was playing an important part in the strengthening and expansion of bilateral relations.

Pointing out that the countries had celebrated the 30th anniversary of the establishment of diplomatic relations last year, the minister noted that Azerbaijan had opened its first embassy in Africa in Egypt in 1994. The two countries also cooperate within international organizations, including the Organization of Islamic Cooperation, the League of Arab States and the Non-Aligned Movement. Noting that the economic relations between Azerbaijan and Egypt had strengthened, Mikayil Jabbarov said that 51 companies with a share of Egyptian capital were currently operating in Azerbaijan.

“Nevertheless, there is great potential for expanding cooperation and mutual trade in the field of investment. We believe that the activities of the Azerbaijan-Egypt Intergovernmental Joint Commission, the events organized with the participation of business people, the work carried out in the direction of the establishment of the Azerbaijan-Egypt Business Council will contribute to the realization of this potential,” the minister stressed.

Mikayil Jabbarov also spoke about the restoration and construction work under way in the territories liberated from occupation, the business environment available there, the implemented green energy projects and the state's support for this process.

Expressing his satisfaction with the visit to Azerbaijan, President Abdel Fattah El-Sisi emphasized that Azerbaijan had achieved a tremendous success under the leadership of President Ilham Aliyev, a faithful friend of Egypt who is continuing the path of National Leader Heydar Aliyev, whose 100th anniversary of the birth will be celebrated this year. The President said that cooperation between the two countries in international trade had a very high potential.

“We attach great importance to investing in various fields and urge Egyptian companies to invest in various projects in Azerbaijan. We should try to realize the opportunities between our countries. At the same time, we must create opportunities for Azerbaijani companies to invest in pharmaceuticals, energy, metallurgy and other fields in Egypt,” President Abdel Fattah El-Sisi said.

President of the Arab Republic of Egypt Abdel Fattah El-Sisi added that the existing potential and investment opportunities of the two countries in various areas should be explored and unlocked.

The meeting continued with discussions