Egypt’s Prime Minister Mostafa Madbouly and his Belarusian counterpart, Roman Golovtchenko, witnessed the signing of several agreements and memoranda of understanding (MoUs) on Tuesday. These agreements aim to bolster cooperation between the two countries in investment, trade, and capital markets.
A key MoU was signed between the Egyptian General Authority for Investment and Free Zones (GAFI) and the National Investment and Privatization Agency of Belarus.
This agreement aims to promote investment opportunities in both countries. Hossam Heiba, CEO of GAFI, and Dmitry Krasovsky, Director of the National Investment and Privatization Agency of Belarus, signed the MOU.
Heiba explained that the agreement focuses on exchanging expertise to improve the business environment in both nations. This aligns with the goals of both agencies: GAFI’s role in attracting investment to Egypt and the Belarusian agency’s focus on attracting foreign direct investment. The MoU outlines cooperation in areas such as exchanging information on investment opportunities, regulations, and best practices. It also encourages business delegations and joint ventures between the two countries.
Another MoU aims to facilitate investor participation in the stock markets of both Egypt and Belarus. Mohamed Farid, Chairperson of the Egyptian Financial Regulatory Authority (FRA), and Sergei Terentiev, Belarus’ Ambassador to Egypt, signed the agreement.
The MoU establishes a framework for collaboration between the FRA and the Belarusian Ministry of Finance. This collaboration will focus on supporting and increasing investor participation in the stock market, futures contracts, and other related investment products.
The agreement also outlines areas for technical cooperation, such as information exchange and expertise sharing on regulations and best practices.
A separate agreement was signed to solidify the common trade system between Egypt and Belarus. Al-Shahat Ghatouri, Head of the Egyptian Customs Authority, and Alexei Bogdanoff, Minister of Antimonopoly Regulation and Trade of Belarus, signed the agreement.
This agreement builds upon the existing cooperation between the two countries’ customs authorities. It aims to protect and develop the economic and customs interests of both nations.
A key element is the implementation of a pilot project for a 12-month period, which will facilitate the exchange of information on the movement of goods and vehicles between the two countries.
Prime Minister Golovtchenko’s visit underscores the strong ties between Egypt and Belarus. Discussions during the visit focused on expanding bilateral relations and building upon the historical ties dating back to the Soviet era.
The Prime Minister highlighted Belarus’s industrial capabilities and its economic resilience. He also emphasized the strong political relations and cooperation on security issues, reflecting the trust between the two governments.
