The Chamber of Commerce and Industry of Uzbekistan (CCI) has announced its intention to establish a trading house in the Egyptian city of Port Said, aimed at fostering bilateral trade and economic cooperation between Uzbekistan and Egypt, Dunyo news agency reported on August 11. The decision was discussed during an online meeting organised by the Embassy of Uzbekistan in Cairo between the Chairman of the Uzbek CCI, Davron Vakhabov, and representatives of the Egyptian authorities.
Trading house proposal
During the negotiations, Chairman Vakhabov proposed the establishment of a trading house in Port Said, which would act as a pivotal trade centre for both Uzbekistan and Egypt. This initiative holds strategic importance as it would facilitate trade between the two countries and also create a gateway for Uzbek goods to access markets in Africa, Europe, and Asia. By strategically locating the trading house in Port Said, Uzbekistan aims to leverage its geographical advantage to expand its export opportunities.
Logistic suitability
The Egyptian authorities expressed keen interest in the proposed trading house concept. They highlighted that Port Said, with its well-developed logistical infrastructure, including warehouses and transport communications, is an optimal location for such an establishment. This logistical advantage is expected to streamline the movement of goods and contribute to efficient trade operations between Uzbekistan and Egypt.
Following the discussions, both parties agreed to establish a joint working group. This group's primary objective will be to comprehensively study various aspects related to the successful implementation of the trading house project. This collaborative approach underscores the commitment of both countries to realising the potential benefits of the initiative and ensuring its smooth execution.
Broader economic collaboration
This recent development aligns with the growing economic cooperation between Uzbekistan and Egypt. In late July, the two countries agreed to establish a business council, aiming to enhance trade ties and explore avenues for mutually beneficial economic ventures. Additionally, plans are underway for the establishment of the Uzbekistan Center for Industrial Cooperation and Distribution in Port Said. These initiatives reflect the intention of both nations to create lasting economic partnerships.
Uzbekistan has been actively expanding its international presence through trading houses and logistics hubs. The Uzbek trading house in Lithuanian Vilnius has been operational since June, serving as a platform to showcase Uzbek products and engage with European markets. Furthermore, the CCI is exploring the possibility of establishing a logistics hub in Hungary, which would facilitate the distribution of Uzbek goods to neighbouring European countries.
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