Egypt and Russia discuss bilateral economic and trade cooperation at SPIEF meetings


The 24th St. Petersburg International Economic Forum (SPIEF)

CAIRO – June 5, 2021: Minister of International Cooperation HE Dr. Rania A. Al-Mashat met Russian Minister of Trade and Industry HE Denis Manturov, to discuss bilateral economic and trade cooperation between the Egypt and Russia. This meeting is part of the multilateral and bilateral meetings that the Ministry of International Cooperation holds with international development partners, with the aim of establishing economic relations between Egypt and other development partners. This meeting is also part of the activities of the 24th Saint Petersburg International Economic Forum (SPIEF), which takes place from June 2 to 5.

HE Al-Mashat reviewed areas of strategic cooperation between Egypt and Russia, such as the Dabaa nuclear power plant project. The meeting also focused on the means necessary to increase the volume of trade and attract Russian investment in development sectors of cooperation, urging the Russian side to invest in various domestic projects. The Minister then clarified by mentioning the Russian industrial zone in the economic zone of the Suez Canal, underlining the possibility of benefiting from the Egyptian market as a hub for the entry of Russian products into the Arab and African markets.

This is in addition to the supply of 1,300 train cars between the Egyptian National Railways and the Russian-Hungarian alliance represented by the Russian company Transmach Holding. They also discussed the importance of negotiations for a free trade agreement between Egypt and the Eurasian Economic Union (UEE), which will be reflected in the increase in the volume of Egyptian exports to the countries of the Union. .

Al-Mashat also referred to the distinguished trade relationship between Egypt and Russia, with trade volume reaching $ 3.8 billion in 2019. Egypt is also Russia’s largest trading partner in Africa. The Minister reiterated that greater joint cooperation aimed at strengthening bilateral partnerships and improving trade and investment is needed; capitalize on the ongoing portfolio comprising 472 Russian companies investing in Egypt, representing $ 1 billion of issued share capital in various fields including tourism, industry, services and petroleum.

They also discussed future areas of joint cooperation to implement several joint projects in development sectors such as oil and gas, transport, infrastructure, energy, mining industries, as well as silo construction. and the development of logistics zones.

SPIEF, held in St. Petersburg, Russia, is an economic event that has taken place annually since 1997. It is a leading global platform for the business community to discuss challenges economic issues facing Russia, emerging markets and other countries. for 24 years.

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