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Egypt plans to produce medicine in Azerbaijan

21 June 2016 [14:35] - TODAY.AZ

/By Azernews/

By Amina Nazarli

After Iran and Russia, Egypt has become the next to eye on the Azerbaijan’s pharmaceutical market. The Mediterranean country, with rich and ancient medicine traditions, is interested in opening the plant for the production of medical equipment and drugs in Azerbaijan, in particular, drugs for hepatitis C.

Egyptian Ambassador to the country Suzanne Jamil said that the issue has been already discussed between the two sides.

“The first stage of the negotiations have been held. The Egyptian delegation is expected to visit Azerbaijan for the further discussions on July 14-16,” she told Trend.

Egypt has already received a permit for the supply of certain medicines in Azerbaijan, the ambassador noted adding that Egypt is interested in expending trade ties with Azerbaijan.

"Prior to 2010, trade relations between the two countries developed more rapidly. However, after the two revolutions that Egypt has experienced, the economic cooperation growth slowed,” the diplomat said.

November will see a regular meeting of the joint intergovernmental commission in Cairo, where the two sides will have new opportunities to discuss areas of cooperation, and according to the ambassador, this will give some impetus to the expansion of mutual relations in the economic sphere.

Speaking about the possible purchase of the share in the Egypt’s refineries by the Azerbaijani state company SOCAR, Jamil noted that the Egyptian side has already submitted its proposals and is waiting for Azerbaijan’s response.

Touching upon cooperation in tourism, the Egyptian diplomat noted that there were some difficulties in this area for her country.

“After a number of known incidents including the explosion of the Russian aircraft over Sinai and other terrorist acts, the number of visitors to Egypt has declined markedly. Egypt will not surrender, we will continue to work. Unfortunately, no one can feel secured against terrorism in the modern world. Terrorist attacks occur in the U.S., Europe, and Turkey, as well,” she emphasized.

Tourism has traditionally played one of the most important places in Egypt's economy, and more than four million Egyptians are working in tourism sector, which brings almost 12 percent of the country’s GDP in revenue from tourism.

The two countries also seek to open a new stage of cooperation in tourism. For the past two years thousands of Azerbaijanis visited Egypt. Last year their number reached up to more than 3,000. The most popular months for travel were December, January and March.

Meanwhile the flow of the national tourists to Egypt is expected to increase even more, since Sharm el-Sheikh-Baku direct flight was launched from June 3. Air Cairo low fare subsidiary of Egypt Air opened regular Baku-Sharm el-Sheikh-Baku flights to be performed once a week.

Trade turnover between Azerbaijan and Egypt by the end of 2015 amounted to $3.7 million against $94 million in 2014, according to the Azerbaijan State Customs Committee. This reduction is associated with a turnover of more than 800-fold drop in exports.

Cairo and Baku have had relations which date back to centuries ago but since the last century they have developed closer contacts. Since Azerbaijan has gained its independence in 1991, the two countries have started building relations in the political, economic, cultural and educational spheres.


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