Egypt's Trade Minister receives requests from Uruguay to strengthen cooperation in investment, green hydrogen production

Trade exchange between the two countries surged by 138% in 2021

Minister of Trade and Industry Nevine Gamea received two official letters from Fernando Mattos — the Minister of Livestock, Agriculture, and Fisheries of Uruguay — asking to strengthen bilateral and investment cooperation with Egypt.
The first letter pertained to starting work on a framework agreement in the field of promoting and protecting investment, enhancing scientific cooperation, exchanging student scholarships, and cooperating in the field of scientific research in the production of green hydrogen and fertilisers.
The second letter requested providing the Uruguayan side with a list of Egyptian companies exporting fertilisers, specifically those who deal with phosphate and nitrogen fertilisers.
In her meeting with Adriana Lesedini — Uruguay's Ambassador to Cairo — Gamea noted that the Egyptian government welcomed the opening of Uruguayan markets to Egyptian exports in general and fertiliser exports in particular.
Gamea added that the government is currently working on a plan to expand the reach of Egyptian goods and products in light of the repercussions of the Russian-Ukrainian conflict and its negative effects on the entry of Egyptian exports to these two markets.
The minister also affirmed that the requests within the official letters of the State of Uruguay will be fulfilled, mentioning Mattos' recent visit to Cairo last February.
The visit aimed to support ways to develop economic relations between the two countries in the fields of trade, industry, agriculture, and investment in coordination with the relevant Egyptian ministries and authorities.
Furthermore, Gamea highlighted the Egyptian state's keenness to enhance economic cooperation between Egypt and Uruguay at the bilateral and multilateral levels within the framework of the Mercosur Agreement, adding that Uruguay is one of the pivotal countries in South America and can be used as a hub for Egyptian exports to access the continent's markets.
Gamea also disclosed that the meeting tackled the possibilities of establishing a an Egyptian-Uruguayan business council that includes representatives of the two country's business community to enhance cooperation in the fields of trade and investment.
The volume of trade exchange between Egypt and Uruguay amounted to about $493.3m in 2021, up from 2020's $207.3m —an increase of about 138%.
The most important items of trade exchange between the two countries include fertilisers, electrical appliances, food preparations, oilseeds, dairy products, and wool, according to the minister.
For her part, Lesedini affirmed her country's keenness to develop bilateral relations with Egypt in various fields and at all levels, as it is one of the most pivotal countries in the Middle East and Africa, adding that Egypt and Uruguay have historical diplomatic relations that extend for about 90 years.