The Armenian Egyptian Business Association has signed a memorandum of understanding (MoU) with the International Business Relations Council of Armenia, Egypt Today reports.

The MoU is meant to boost cooperation and joint projects between investors in both countries, said the Egyptian foreign ministry in a statement on Friday.

Egypt's Ambassador in Yerevan Bahaa Desouki attended the inking ceremony.

He also met with Executive Director of the Armenian Chamber of Commerce and Industry Andranik Aleksanyan on economic cooperation.