Egypt, Russia Discuss Strengthening Economic Cooperation

Egypt, Russia Discuss Strengthening Economic Cooperation

Nevin Gamea, Minister of Trade and Industry affirmed the Egyptian government’s is keen to develop economic relations with Russia to unprecedented levels.

Gamea noted that the current stage is witnessing economic momentum between Cairo and Moscow, including the project to establish the Russian industrial zone in Egypt and the negotiations of a free trade agreement between Egypt, the countries of the Eurasian Union and the existing cooperation in the energy and transport sectors.

This came during a session of the expanded talks held by the Minister with Denis Manturov, the Russian Minister of Industry and Trade, on the sidelines of their presiding over the meetings of the 13th session of the Egyptian-Russian Joint Committee, which is currently being held in the Russian capital, Moscow.

She pointed out that the latest developments in the negotiations on the free trade agreement between Egypt and the Eurasian Union countries were reviewed, where great progress was achieved in the fourth round, which concluded its work in Moscow this morning, and preparations are underway to hold the fifth round in Egypt during the month of November.

Gamea added that the meeting dealt with the movement of trade exchange between the two countries during the current period, which is witnessing relative stability despite the negative repercussions of the pandemic on the global economy, noting that the Russian market represents one of the most important global markets receiving Egyptian exports at rates exceeding $500 million annually.

The minister noted that the meeting touched on the latest developments in the establishment of the Russian industrial zone in Egypt, which will contribute to achieving a major shift in the levels of commercial and industrial cooperation between the two countries through the settlement of a number of Russian industries in Egypt and the access of their products to a large number of international markets.

She pointed out that consultations were held regarding Strengthening Egyptian-Russian cooperation in the field of timber through the establishment of a joint project to provide Egypt’s needs of timber, as well as discussing the project of establishing a logistic center for storing and distributing Russian grains and linking it to transformational projects for food industries based on grain to serve the local market and export to regional and global markets.

Gamea explained that the meeting dealt with the Egyptian-Russian cooperation project in the field of transportation to supply 1,300 railway cars.

On his part, Denis Manturov, the Russian Minister of Industry and Trade, affirmed his country’s keenness to raise the levels of trade, industrial and investment cooperation between Egypt and Russia to new levels that are in the interest of the Russian and Egyptian economies alike, pointing out the importance of benefiting from the historical political and economic relations between the two countries as a basic pillar to move forward in developing Existing joint projects and establishing more new projects during the next phase.

Manturov indicated that the current areas of joint cooperation include transport projects, railway modernization, car production, shipbuilding and oil tankers, modernization of mining and coke complexes and the development of oil fields, stressing his country’s readiness to transfer advanced technology to the Egyptian industry, especially in light of the historical joint cooperation between Egypt and Ruspa in the 1960s. the past.