Egypt, Djibouti sign economic, technical agreement

International Cooperation Minister Sahar Nasr said Monday an economic and technical agreement was signed between Egypt and Djibouti in the presence of President Abdel Fattah El Sisi and his Djiboutian counterpart Ismail Omar Guelleh.

The agreement, which stems from historical ties and relations of brotherhood binding the two brotherly countries, reflects the desire of the two countries' government and people to boost cooperation and friendship bonds, the minister added in a statement.

The agreement provides for the development of cooperation between Egypt and Djibouti in the economic and technical fields in all means and possibilities, including the expansion of work areas in various commercial and economic activities in the two countries, Nasr said.

Economic cooperation between the two countries includes the implementation of economic studies, the establishment of economic projects jointly or with a third party, and the implementation of joint activities in a third country to carry out the desired development projects, she added.

The minister said technical cooperation covers all scientific and technological fields and the use of advanced technology in various sectors, particularly agriculture, irrigation, industry, electricity, energy, oil, mining, transportation, housing, trade, finance, tourism, health, scientific, educational and media cooperation, youth and sports, and religious affairs, so as to benefit from the expertise available in both countries.

Egypt and Djibouti will coordinate in the areas of technical cooperation through the exchange of experiences, experts, information and data, she added.

The private sector of the two countries will work to establish joint investment companies operating in areas of common interest upon agreements between the parties, Nasr said.

Egypt and Djibouti will also work on training opportunities in specialized areas according to the possibilities available to their countries, she added.

Under the agreement, the two countries will coordinate their financial and economic policies and positions at Arab and international organizations and institutions and will work to facilitate residence, work and practice of economic or professional activity to nationals of the other country in accordance with the laws in force in both countries, the minister said.

The agreement also provides for the formation of a joint economic and technical commission co-chaired by the Egyptian Ministry of International Cooperation and the Djiboutian Ministry of Economy and Finance, to be responsible for the overall supervision of joint activities, and providing a vision of a comprehensive strategy for cooperation, she added.