Egypt and Uruguay seek to increase trade exchange amid crisis

RIO DE JANEIRO, BRAZIL – The Egyptian Ministry of Industry and Trade is studying the possibility of collaborating with Uruguay to improve bilateral economic cooperation, especially in the export of fertilizers when the Arab country is suffering a crisis burdened by the war in Ukraine, official sources reported today.

“The Egyptian Minister of Industry and Trade, Nevin Gamea, received two official letters from the Minister of Livestock, Agriculture, and Fisheries of Uruguay, Fernando Mattos, to contemplate the possibility of starting to collaborate between the two countries in the sectors of investment promotion and protection,” according to a statement from the Egyptian Ministry of Industry.

The note also notes that Egypt wants to provide a list of national companies that “export fertilizers” with the aim of “promoting and improving bilateral economic cooperation with Uruguay and multilateral cooperation with the countries of the Southern Common Market (Mercosur)”.

“Uruguay is one of the most important countries in Latin America and can be a hub for Egyptian exports for the whole continent,” Gamea said.

During a meeting with Uruguay’s ambassador to Cairo, Adriana Lissidini, the Egyptian minister assured that the Egyptian government “welcomes the opening of Uruguayan markets for Egyptian exports, especially those of fertilizers,” according to the statement.

For his part, Lissidini affirmed that Uruguay seeks to “improve and boost bilateral relations with Egypt”, considering the African country as “one of the most important and with a fundamental role in Africa and the Middle East”, according to the note.

The volume of trade exchange between Egypt and Uruguay has reached US$493.3 million in 2021, with an increase of 138% compared to 2020 (US$207.3 million).

The economic crisis in Egypt has been aggravated by the war in Ukraine, which has forced the Egyptian government to veto the export of many products, including wheat, at a time when prices have risen considerably in the country following a drop of almost 15% of the local currency against the dollar.

With information from EFE