Minister of Planning, Economic Development, and International Cooperation signs a Memorandum of Understanding (MoU) with the Deputy Minister of Industry and Trade of Vietnam to enhance economic development between the two countries
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, signed a Memorandum of Understanding to deepen cooperation in the field of economic development with Ms. Phan Thi Thang, Deputy Minister of Industry and Trade of the Socialist Republic of Vietnam during the summit held by H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, with his counterpart, H.E. Luong Cuong, President of the Socialist Republic of Vietnam.
The MoU comes in recognition of the importance of cooperation in economic development as a driving force to promote social and economic development in both countries, based on economic development and the mutual commitment to sustainable development by both sides, and a desire to strengthen the bonds of friendship and enhance cooperation between the two countries, create favorable conditions for achieving sustainable development, and diversify economic and international cooperation, especially strengthening bilateral cooperation in economic, trade, and investment fields.
H.E. Dr. Rania Al-Mashat emphasized the importance of the Joint Committee between Egypt and Vietnam as a mechanism for cooperation in promoting economic development and international cooperation between the two countries. During the past five sessions, the Committee has played an important role over the past five sessions in consolidating bilateral economic relations as a platform for constructive dialogue between the governments and the business communities on both sides.
H.E. explained that the signed MoU opens new avenues, in light of the comprehensive partnership between the two countries, to enhance and deepen bilateral economic and trade relations, and to develop cooperation in several fields including digital economy, climate change and green development, renewable energy, localizing industry, and logistics services, with the effective participation of the private sector, forming a promising platform for joint initiatives.
Moreover, the agreement includes working in the areas of policy dialogue, knowledge exchange, capacity building, and sharing successful policies and practices in the agreed-upon fields, which comes within the framework of strong cooperative relations between the two countries and in light of the two sides’ interest in the importance of knowledge as the cornerstone that links the two countries, and within the framework of South-South economic cooperation.
During the visit, the Minister of Planning, Economic Development, and International Cooperation held a meeting with the Deputy Prime Minister of Vietnam, where the two sides discussed mechanisms for implementing the outcomes of the meeting between the leaders of the two countries to strengthen bilateral economic relations, as well as preparations for holding the 6th session of the Joint Committee.
It is worth noting that Egyptian-Vietnamese relations date back to the 1960s. In 1997, an agreement was signed to form a joint ministerial committee between the two countries, within the framework of which 5 sessions have been held to date. Vietnam is one of the founding members of the Asian Infrastructure Investment Bank (AIIB). In 2017, H.E. President Abdel Fattah El-Sisi President of the Arab Republic of Egypt, visited Vietnam as the first visit of an Egyptian president to the Republic of Vietnam, and the visit witnessed the signing of several joint cooperation documents.
Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.
